Pinnacle Financial Partners (PNFP) Lowered to Hold at BidaskClub

BidaskClub cut shares of Pinnacle Financial Partners (NASDAQ:PNFP) from a buy rating to a hold rating in a report released on Wednesday, BidAskClub reports.

PNFP has been the subject of a number of other research reports. Zacks Investment Research downgraded shares of Pinnacle Financial Partners from a hold rating to a sell rating in a report on Thursday, April 4th. Wells Fargo & Co set a $62.00 price target on shares of Pinnacle Financial Partners and gave the company a buy rating in a research note on Wednesday, January 16th. Stephens reissued a buy rating and issued a $65.00 price target on shares of Pinnacle Financial Partners in a research note on Tuesday, April 16th. TheStreet raised shares of Pinnacle Financial Partners from a c+ rating to a b- rating in a research note on Wednesday, February 13th. Finally, Raymond James set a $66.00 price target on shares of Pinnacle Financial Partners and gave the company a buy rating in a research note on Thursday, April 4th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Pinnacle Financial Partners presently has an average rating of Hold and an average price target of $64.14.

PNFP stock traded up $1.13 during mid-day trading on Wednesday, reaching $56.65. The company’s stock had a trading volume of 4,872 shares, compared to its average volume of 433,685. The company has a market cap of $4.24 billion, a price-to-earnings ratio of 11.90, a PEG ratio of 0.77 and a beta of 1.39. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.64. Pinnacle Financial Partners has a fifty-two week low of $43.23 and a fifty-two week high of $68.70.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Monday, April 15th. The financial services provider reported $1.24 EPS for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.03. The company had revenue of $238.30 million during the quarter, compared to the consensus estimate of $246.03 million. Pinnacle Financial Partners had a net margin of 30.80% and a return on equity of 9.53%. Pinnacle Financial Partners’s quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.13 EPS. As a group, equities analysts forecast that Pinnacle Financial Partners will post 5.08 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be paid a $0.16 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.64 annualized dividend and a dividend yield of 1.13%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 13.50%.

In related news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the stock in a transaction that occurred on Tuesday, February 26th. The shares were sold at an average price of $58.55, for a total transaction of $93,680.00. Following the completion of the transaction, the insider now owns 24,775 shares of the company’s stock, valued at approximately $1,450,576.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 2,184 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $57.24, for a total transaction of $125,012.16. Following the transaction, the chairman now directly owns 360,740 shares of the company’s stock, valued at approximately $20,648,757.60. The disclosure for this sale can be found here. In the last three months, insiders sold 48,223 shares of company stock valued at $2,808,137. Corporate insiders own 2.97% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Private Capital Group LLC boosted its position in shares of Pinnacle Financial Partners by 76.6% during the 1st quarter. Private Capital Group LLC now owns 544 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 236 shares during the period. Enlightenment Research LLC purchased a new position in Pinnacle Financial Partners in the 4th quarter valued at approximately $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Pinnacle Financial Partners in the 1st quarter valued at approximately $35,000. Valeo Financial Advisors LLC purchased a new position in Pinnacle Financial Partners in the 1st quarter valued at approximately $39,000. Finally, Pearl River Capital LLC purchased a new position in Pinnacle Financial Partners in the 4th quarter valued at approximately $37,000. 82.32% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.

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Analyst Recommendations for Pinnacle Financial Partners (NASDAQ:PNFP)

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