Pinnacle Financial Partners (NASDAQ:PNFP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, December 20th. The brokerage currently has a $76.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 10.87% from the stock’s current price.
According to Zacks, “Pinnacle Financial Partners, Inc. is a bank holding company which owns 100% of the capital stock of Pinnacle National Bank, a national bank operating in the Nashville, Tennessee metropolitan area. “
A number of other research analysts have also recently issued reports on PNFP. Hilliard Lyons raised Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 price objective on the stock in a research note on Wednesday, August 23rd. Piper Jaffray Companies reaffirmed a “buy” rating and set a $74.00 price objective on shares of Pinnacle Financial Partners in a research note on Thursday, October 19th. BidaskClub raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, December 20th. Finally, SunTrust Banks reaffirmed a “buy” rating and set a $73.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, October 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $75.17.
Pinnacle Financial Partners (NASDAQ PNFP) traded down $0.90 on Wednesday, reaching $68.55. The company had a trading volume of 721,143 shares, compared to its average volume of 367,602. The company has a market capitalization of $5,397.85, a PE ratio of 21.22, a PEG ratio of 1.07 and a beta of 1.31. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.57. Pinnacle Financial Partners has a 1-year low of $58.40 and a 1-year high of $71.55.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, October 17th. The financial services provider reported $0.90 EPS for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.01. Pinnacle Financial Partners had a return on equity of 7.09% and a net margin of 29.81%. The business had revenue of $216.20 million for the quarter, compared to analysts’ expectations of $217.13 million. During the same quarter in the prior year, the firm earned $0.78 earnings per share. The firm’s revenue was up 102.8% on a year-over-year basis. equities research analysts predict that Pinnacle Financial Partners will post 3.56 EPS for the current year.
In other news, Chairman Richard D. Callicutt II sold 30,000 shares of the stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $67.44, for a total transaction of $2,023,200.00. Following the completion of the sale, the chairman now directly owns 168,241 shares in the company, valued at $11,346,173.04. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO M Terry Turner sold 31,171 shares of the firm’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $67.11, for a total transaction of $2,091,885.81. Following the completion of the sale, the chief executive officer now owns 489,701 shares of the company’s stock, valued at $32,863,834.11. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,882 shares of company stock valued at $7,573,063. 5.41% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Kennedy Capital Management Inc. lifted its holdings in Pinnacle Financial Partners by 116.8% in the second quarter. Kennedy Capital Management Inc. now owns 298,196 shares of the financial services provider’s stock worth $18,727,000 after buying an additional 160,671 shares during the period. Bank of New York Mellon Corp lifted its holdings in Pinnacle Financial Partners by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 1,060,209 shares of the financial services provider’s stock worth $66,581,000 after buying an additional 4,877 shares during the period. Utah Retirement Systems purchased a new stake in Pinnacle Financial Partners in the second quarter worth about $834,000. BNP Paribas Arbitrage SA lifted its holdings in Pinnacle Financial Partners by 187.3% in the second quarter. BNP Paribas Arbitrage SA now owns 27,358 shares of the financial services provider’s stock worth $1,718,000 after buying an additional 17,836 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in Pinnacle Financial Partners by 7.8% in the second quarter. Wells Fargo & Company MN now owns 307,772 shares of the financial services provider’s stock worth $19,329,000 after buying an additional 22,181 shares during the period. Institutional investors and hedge funds own 71.75% of the company’s stock.
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Pinnacle Financial Partners Company Profile
Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.
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