Pinnacle Financial Partners (NASDAQ:PNFP) was upgraded by FIG Partners from a “market perform” rating to an “outperform” rating in a research report issued on Wednesday, The Fly reports.
PNFP has been the subject of several other research reports. BidaskClub upgraded shares of Pinnacle Financial Partners from a “strong sell” rating to a “sell” rating in a report on Saturday, February 3rd. UBS started coverage on shares of Pinnacle Financial Partners in a report on Wednesday, March 21st. They issued a “sell” rating and a $56.00 target price for the company. Zacks Investment Research upgraded shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $76.00 target price for the company in a report on Wednesday, December 20th. SunTrust Banks lowered their target price on shares of Pinnacle Financial Partners to $80.00 and set a “buy” rating for the company in a report on Thursday, January 18th. Finally, Wells Fargo started coverage on shares of Pinnacle Financial Partners in a report on Thursday, December 21st. They issued an “outperform” rating and a $80.00 target price for the company. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $72.22.
PNFP stock opened at $62.05 on Wednesday. Pinnacle Financial Partners has a 52 week low of $58.40 and a 52 week high of $70.30. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.00 and a quick ratio of 0.99. The firm has a market cap of $4,980.88, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 0.97 and a beta of 1.04.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Monday, April 16th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.03. The firm had revenue of $218.60 million during the quarter, compared to analyst estimates of $220.48 million. Pinnacle Financial Partners had a net margin of 24.09% and a return on equity of 7.56%. The business’s revenue was up 83.5% on a year-over-year basis. During the same quarter last year, the business earned $0.83 EPS. research analysts anticipate that Pinnacle Financial Partners will post 4.72 EPS for the current fiscal year.
In related news, Director Ed C. Loughry, Jr. sold 1,873 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $64.30, for a total value of $120,433.90. Following the transaction, the director now owns 95,109 shares of the company’s stock, valued at approximately $6,115,508.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, March 27th. The stock was sold at an average price of $63.03, for a total transaction of $189,090.00. Following the completion of the transaction, the insider now directly owns 40,375 shares in the company, valued at approximately $2,544,836.25. The disclosure for this sale can be found here. Insiders sold a total of 102,711 shares of company stock worth $6,908,315 in the last ninety days. 3.39% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of PNFP. Jennison Associates LLC increased its stake in Pinnacle Financial Partners by 51.7% in the 4th quarter. Jennison Associates LLC now owns 2,861,331 shares of the financial services provider’s stock worth $189,706,000 after buying an additional 974,772 shares during the period. Alliancebernstein L.P. increased its stake in Pinnacle Financial Partners by 232.0% in the 4th quarter. Alliancebernstein L.P. now owns 540,977 shares of the financial services provider’s stock worth $35,867,000 after buying an additional 378,050 shares during the period. Virtus Fund Advisers LLC increased its stake in Pinnacle Financial Partners by 31.0% in the 4th quarter. Virtus Fund Advisers LLC now owns 851,450 shares of the financial services provider’s stock worth $56,451,000 after buying an additional 201,325 shares during the period. Systematic Financial Management LP purchased a new position in Pinnacle Financial Partners in the 4th quarter worth about $12,106,000. Finally, Mountain Pacific Investment Advisers Inc. ID increased its stake in Pinnacle Financial Partners by 55.3% in the 4th quarter. Mountain Pacific Investment Advisers Inc. ID now owns 206,450 shares of the financial services provider’s stock worth $13,688,000 after buying an additional 73,505 shares during the period. 72.17% of the stock is currently owned by institutional investors.
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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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