Pinnacle Financial Partners (PNFP) Rating Lowered to Hold at Zacks Investment Research

Pinnacle Financial Partners (NASDAQ:PNFP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.

According to Zacks, “Pinnacle Financial Partners, Inc. Provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. “

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A number of other equities analysts have also recently commented on the stock. BidaskClub cut shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Thursday, December 7th. Wells Fargo initiated coverage on shares of Pinnacle Financial Partners in a research report on Thursday, December 21st. They set an “outperform” rating and a $80.00 price objective for the company. Keefe, Bruyette & Woods raised shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating in a research report on Friday, February 16th. SunTrust Banks reduced their target price on shares of Pinnacle Financial Partners to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. Finally, UBS initiated coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, March 21st. They issued a “sell” rating and a $56.00 target price for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company. Pinnacle Financial Partners has an average rating of “Buy” and a consensus price target of $73.13.

PNFP stock opened at $63.80 on Thursday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.00 and a quick ratio of 0.99. Pinnacle Financial Partners has a one year low of $58.40 and a one year high of $70.30. The firm has a market cap of $5,062.66, a price-to-earnings ratio of 17.87, a P/E/G ratio of 0.98 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $0.97 EPS for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.03. Pinnacle Financial Partners had a net margin of 22.27% and a return on equity of 7.24%. The firm had revenue of $211.20 million during the quarter, compared to analysts’ expectations of $224.62 million. During the same period in the previous year, the business posted $0.83 earnings per share. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. sell-side analysts anticipate that Pinnacle Financial Partners will post 4.72 earnings per share for the current fiscal year.

In other news, CEO M Terry Turner sold 31,171 shares of the business’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $67.11, for a total value 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $63.47, for a total transaction of $190,410.00. Following the completion of the sale, the insider now directly owns 46,794 shares of the company’s stock, valued at approximately $2,970,015.18. The disclosure for this sale can be found here. In the last three months, insiders sold 133,882 shares of company stock valued at $9,000,201. 3.39% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of PNFP. Russell Investments Group Ltd. lifted its position in Pinnacle Financial Partners by 128.8% during the third quarter. Russell Investments Group Ltd. now owns 32,469 shares of the financial services provider’s stock worth $2,173,000 after purchasing an additional 18,275 shares during the period. Ameriprise Financial Inc. lifted its position in Pinnacle Financial Partners by 3.3% during the third quarter. Ameriprise Financial Inc. now owns 211,718 shares of the financial services provider’s stock worth $14,175,000 after purchasing an additional 6,695 shares during the period. Legal & General Group Plc lifted its position in Pinnacle Financial Partners by 14.3% during the third quarter. Legal & General Group Plc now owns 65,826 shares of the financial services provider’s stock worth $4,407,000 after purchasing an additional 8,220 shares during the period. JPMorgan Chase & Co. lifted its position in Pinnacle Financial Partners by 52.9% during the third quarter. JPMorgan Chase & Co. now owns 255,356 shares of the financial services provider’s stock worth $16,968,000 after purchasing an additional 88,303 shares during the period. Finally, Wells Fargo & Company MN lifted its position in Pinnacle Financial Partners by 164.5% during the third quarter. Wells Fargo & Company MN now owns 813,985 shares of the financial services provider’s stock worth $54,496,000 after purchasing an additional 506,213 shares during the period. 72.14% of the stock is owned by institutional investors and hedge funds.

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About Pinnacle Financial Partners

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.

Analyst Recommendations for Pinnacle Financial Partners (NASDAQ:PNFP)

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