Pinnacle Financial Partners (NASDAQ:PNFP) traded down 5.2% on Thursday . The company traded as low as $57.41 and last traded at $57.57, 572,639 shares changed hands during mid-day trading. An increase of 35% from the average session volume of 422,731 shares. The stock had previously closed at $60.74.
A number of analysts recently weighed in on the company. Zacks Investment Research upgraded Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a report on Tuesday, July 23rd. BidaskClub downgraded Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Stephens restated a “hold” rating and issued a $63.00 price objective on shares of Pinnacle Financial Partners in a report on Thursday, July 18th. Finally, Raymond James downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 17th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $62.00.
The company has a market cap of $4.67 billion, a price-to-earnings ratio of 11.96, a price-to-earnings-growth ratio of 0.83 and a beta of 1.35. The stock’s fifty day simple moving average is $57.67. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.99 and a quick ratio of 0.99.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.28 by $0.14. Pinnacle Financial Partners had a return on equity of 9.82% and a net margin of 30.46%. The firm had revenue of $259.60 million during the quarter, compared to the consensus estimate of $252.44 million. During the same period last year, the business posted $1.15 EPS. The business’s revenue was up 12.8% compared to the same quarter last year. As a group, analysts predict that Pinnacle Financial Partners will post 5.22 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 2nd will be issued a dividend of $0.16 per share. The ex-dividend date is Thursday, August 1st. This represents a $0.64 dividend on an annualized basis and a yield of 1.13%. Pinnacle Financial Partners’s payout ratio is currently 13.50%.
In other Pinnacle Financial Partners news, Director Charles E. Brock sold 2,000 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $56.05, for a total transaction of $112,100.00. Following the completion of the sale, the director now directly owns 36,304 shares in the company, valued at approximately $2,034,839.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Ronald L. Samuel sold 500 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $60.48, for a total value of $30,240.00. Following the sale, the insider now owns 22,175 shares of the company’s stock, valued at $1,341,144. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,000 shares of company stock valued at $170,645. Company insiders own 2.97% of the company’s stock.
A number of institutional investors have recently modified their holdings of PNFP. Landmark Financial Advisors LLC bought a new position in Pinnacle Financial Partners in the 2nd quarter valued at about $203,000. Swiss National Bank increased its stake in Pinnacle Financial Partners by 1.1% in the 2nd quarter. Swiss National Bank now owns 136,361 shares of the financial services provider’s stock valued at $7,838,000 after buying an additional 1,500 shares during the last quarter. Comerica Bank increased its stake in Pinnacle Financial Partners by 2.0% in the 2nd quarter. Comerica Bank now owns 224,625 shares of the financial services provider’s stock valued at $12,932,000 after buying an additional 4,457 shares during the last quarter. Sigma Planning Corp increased its stake in Pinnacle Financial Partners by 40.5% in the 2nd quarter. Sigma Planning Corp now owns 7,432 shares of the financial services provider’s stock valued at $427,000 after buying an additional 2,143 shares during the last quarter. Finally, Keybank National Association OH increased its stake in Pinnacle Financial Partners by 1.2% in the 2nd quarter. Keybank National Association OH now owns 30,519 shares of the financial services provider’s stock valued at $1,754,000 after buying an additional 363 shares during the last quarter. Hedge funds and other institutional investors own 80.55% of the company’s stock.
Pinnacle Financial Partners Company Profile (NASDAQ:PNFP)
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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