Pinnacle Financial Partners (PNFP) Price Target Cut to $65.00 by Analysts at SunTrust Banks

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective lowered by SunTrust Banks to $65.00 in a report published on Thursday morning, The Fly reports. The brokerage currently has a buy rating on the financial services provider’s stock. SunTrust Banks also issued estimates for Pinnacle Financial Partners’ Q4 2018 earnings at $1.22 EPS, FY2018 earnings at $4.71 EPS, Q1 2019 earnings at $1.20 EPS, Q2 2019 earnings at $1.25 EPS, Q3 2019 earnings at $1.33 EPS, Q4 2019 earnings at $1.35 EPS, Q4 2019 earnings at $1.36 EPS and FY2019 earnings at $5.16 EPS.

A number of other analysts have also weighed in on PNFP. BidaskClub lowered shares of Pinnacle Financial Partners from a buy rating to a hold rating in a research note on Wednesday, August 29th. Hovde Group restated an outperform rating on shares of Pinnacle Financial Partners in a research note on Thursday, July 5th. Zacks Investment Research lowered shares of Pinnacle Financial Partners from a hold rating to a sell rating in a research note on Saturday, October 6th. Finally, ValuEngine lowered shares of Pinnacle Financial Partners from a hold rating to a sell rating in a research note on Friday, June 29th. Three investment analysts have rated the stock with a sell rating and eleven have issued a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $71.00.

Shares of PNFP traded down $0.68 during mid-day trading on Thursday, hitting $54.77. 27,349 shares of the company’s stock were exchanged, compared to its average volume of 746,038. The stock has a market capitalization of $4.41 billion, a PE ratio of 15.17, a P/E/G ratio of 0.86 and a beta of 1.02. Pinnacle Financial Partners has a fifty-two week low of $54.23 and a fifty-two week high of $69.95. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.98 and a current ratio of 0.97.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.02. The business had revenue of $240.90 million for the quarter, compared to analysts’ expectations of $236.67 million. Pinnacle Financial Partners had a net margin of 26.97% and a return on equity of 9.09%. During the same quarter in the prior year, the company earned $0.90 earnings per share. On average, sell-side analysts predict that Pinnacle Financial Partners will post 4.71 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Friday, November 2nd will be paid a $0.16 dividend. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a yield of 1.17%. The ex-dividend date is Thursday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 15.69%.

In other Pinnacle Financial Partners news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $62.90, for a total value of $100,640.00. Following the transaction, the insider now directly owns 31,175 shares in the company, valued at $1,960,907.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 4,800 shares of company stock worth $304,960 over the last quarter. 3.39% of the stock is currently owned by insiders.

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its stake in Pinnacle Financial Partners by 4.4% in the second quarter. BlackRock Inc. now owns 6,485,908 shares of the financial services provider’s stock valued at $397,909,000 after purchasing an additional 273,386 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of Pinnacle Financial Partners by 7.1% in the second quarter. Jennison Associates LLC now owns 3,501,820 shares of the financial services provider’s stock valued at $214,837,000 after acquiring an additional 233,210 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Pinnacle Financial Partners by 13.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,489,261 shares of the financial services provider’s stock valued at $91,369,000 after acquiring an additional 177,866 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Pinnacle Financial Partners by 0.5% in the second quarter. Victory Capital Management Inc. now owns 1,248,891 shares of the financial services provider’s stock valued at $76,620,000 after acquiring an additional 6,673 shares during the period. Finally, Wells Fargo & Company MN boosted its holdings in shares of Pinnacle Financial Partners by 0.6% in the second quarter. Wells Fargo & Company MN now owns 1,030,325 shares of the financial services provider’s stock valued at $63,210,000 after acquiring an additional 6,614 shares during the period. Institutional investors own 77.77% of the company’s stock.

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.

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