Pinnacle Financial Partners (NASDAQ:PNFP) Receives $61.20 Average PT from Analysts

Shares of Pinnacle Financial Partners (NASDAQ:PNFP) have been assigned a consensus recommendation of “Hold” from the nine ratings firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $61.20.

PNFP has been the subject of several research reports. BidaskClub cut shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Raymond James cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 17th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $66.00 target price for the company in a research note on Tuesday, July 23rd. Finally, Stephens reiterated a “hold” rating and issued a $63.00 target price on shares of Pinnacle Financial Partners in a research note on Thursday, July 18th.

PNFP stock traded down $1.28 during mid-day trading on Wednesday, reaching $54.67. 221,686 shares of the stock traded hands, compared to its average volume of 421,619. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.99 and a quick ratio of 0.99. Pinnacle Financial Partners has a 52 week low of $43.23 and a 52 week high of $66.54. The stock has a 50-day simple moving average of $57.52. The company has a market cap of $4.33 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 0.77 and a beta of 1.35.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.28 by $0.14. Pinnacle Financial Partners had a net margin of 30.46% and a return on equity of 9.82%. The company had revenue of $259.60 million during the quarter, compared to analysts’ expectations of $252.44 million. During the same period in the prior year, the company earned $1.15 earnings per share. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. Sell-side analysts predict that Pinnacle Financial Partners will post 5.22 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 2nd will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Thursday, August 1st. Pinnacle Financial Partners’s payout ratio is presently 13.50%.

In other Pinnacle Financial Partners news, Director David B. Ingram purchased 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average price of $54.28 per share, with a total value of $1,085,600.00. Following the completion of the transaction, the director now directly owns 54,067 shares of the company’s stock, valued at approximately $2,934,756.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Charles E. Brock sold 2,000 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $56.05, for a total transaction of $112,100.00. Following the completion of the transaction, the director now directly owns 36,304 shares of the company’s stock, valued at approximately $2,034,839.20. The disclosure for this sale can be found here. Insiders sold 3,000 shares of company stock valued at $170,645 in the last three months. Company insiders own 2.97% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its position in Pinnacle Financial Partners by 0.8% in the first quarter. BlackRock Inc. now owns 6,778,226 shares of the financial services provider’s stock worth $370,769,000 after purchasing an additional 51,123 shares in the last quarter. Wasatch Advisors Inc. increased its holdings in shares of Pinnacle Financial Partners by 48.9% during the second quarter. Wasatch Advisors Inc. now owns 1,686,798 shares of the financial services provider’s stock worth $96,957,000 after buying an additional 553,876 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Pinnacle Financial Partners by 5.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,586,418 shares of the financial services provider’s stock worth $73,135,000 after buying an additional 82,699 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Pinnacle Financial Partners by 0.7% during the first quarter. Victory Capital Management Inc. now owns 1,545,122 shares of the financial services provider’s stock worth $84,518,000 after buying an additional 11,085 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Pinnacle Financial Partners by 1.1% during the second quarter. Wells Fargo & Company MN now owns 1,184,326 shares of the financial services provider’s stock worth $68,074,000 after buying an additional 13,057 shares in the last quarter. 80.64% 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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