Pinnacle Financial Partners (NASDAQ:PNFP) – Equities researchers at SunTrust Banks boosted their FY2018 EPS estimates for shares of Pinnacle Financial Partners in a report released on Monday, according to Zacks Investment Research. SunTrust Banks analyst J. Demba now forecasts that the financial services provider will post earnings per share of $4.86 for the year, up from their previous estimate of $4.29. SunTrust Banks has a “Buy” rating and a $80.00 price target on the stock. SunTrust Banks also issued estimates for Pinnacle Financial Partners’ FY2019 earnings at $5.26 EPS.
Several other equities research analysts have also issued reports on PNFP. Piper Jaffray Companies reissued an “overweight” rating and issued a $72.00 price target on shares of Pinnacle Financial Partners in a report on Thursday, October 5th. Zacks Investment Research downgraded shares of Pinnacle Financial Partners from a “buy” rating to a “sell” rating in a research note on Wednesday, October 11th. Hilliard Lyons downgraded shares of Pinnacle Financial Partners from a “buy” rating to a “neutral” rating and set a $74.00 target price on the stock. in a research note on Friday, October 20th. BidaskClub downgraded shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Thursday, December 7th. Finally, Wells Fargo & Co assumed coverage on shares of Pinnacle Financial Partners in a research note on Thursday, December 21st. They issued an “outperform” rating and a $80.00 target price on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. Pinnacle Financial Partners currently has a consensus rating of “Buy” and a consensus price target of $76.17.
Shares of Pinnacle Financial Partners (NASDAQ:PNFP) traded down $2.80 during trading on Wednesday, reaching $65.05. 1,385,800 shares of the company’s stock traded hands, compared to its average volume of 543,364. The company has a market cap of $4,990.00, a price-to-earnings ratio of 23.23, a PEG ratio of 1.03 and a beta of 1.31. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.99 and a quick ratio of 0.98. Pinnacle Financial Partners has a 12-month low of $58.40 and a 12-month high of $71.55.
Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.03. The firm had revenue of $211.20 million for the quarter, compared to analyst estimates of $224.62 million. Pinnacle Financial Partners had a net margin of 22.27% and a return on equity of 7.66%. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.83 EPS.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Neuberger Berman Group LLC acquired a new position in Pinnacle Financial Partners during the 2nd quarter valued at about $953,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Pinnacle Financial Partners by 61.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,464 shares of the financial services provider’s stock valued at $155,000 after purchasing an additional 935 shares during the period. Swiss National Bank lifted its position in Pinnacle Financial Partners by 59.4% during the 2nd quarter. Swiss National Bank now owns 123,061 shares of the financial services provider’s stock valued at $7,728,000 after purchasing an additional 45,861 shares during the period. Oppenheimer Asset Management Inc. lifted its position in Pinnacle Financial Partners by 80.0% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 4,082 shares of the financial services provider’s stock valued at $256,000 after purchasing an additional 1,814 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Pinnacle Financial Partners by 5.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 167,053 shares of the financial services provider’s stock valued at $10,491,000 after purchasing an additional 8,194 shares during the period. Institutional investors and hedge funds own 71.77% of the company’s stock.
In related news, Chairman Richard D. Callicutt II sold 30,000 shares of the company’s 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 transaction, the chairman now owns 168,241 shares in the company, valued at approximately $11,346,173.04. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Harold R. Carpenter sold 17,711 shares of the company’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $67.45, for a total transaction of $1,194,606.95. Following the transaction, the chief financial officer now owns 107,090 shares in the company, valued at approximately $7,223,220.50. The disclosure for this sale can be found here. Insiders sold a total of 112,882 shares of company stock worth $7,573,063 in the last 90 days. 5.41% of the stock is owned by corporate insiders.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Friday, February 2nd will be paid a $0.14 dividend. The ex-dividend date of this dividend is Thursday, February 1st. This represents a $0.56 annualized dividend and a dividend yield of 0.86%. Pinnacle Financial Partners’s dividend payout ratio is presently 20.00%.
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About Pinnacle Financial Partners
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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