Pinnacle Financial Partners (NASDAQ:PNFP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday, Zacks.com reports.
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. “
A number of other research analysts also recently issued reports on the stock. JPMorgan Chase & Co. started coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, September 18th. They issued a “neutral” rating and a $62.00 price objective on the stock. BidaskClub raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, September 10th. Finally, Stephens reaffirmed a “hold” rating and issued a $63.00 price objective on shares of Pinnacle Financial Partners in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. Pinnacle Financial Partners presently has an average rating of “Hold” and an average target price of $60.83.
NASDAQ PNFP traded up $0.11 during trading on Thursday, reaching $58.04. 451,746 shares of the company’s stock traded hands, compared to its average volume of 406,634. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.01 and a quick ratio of 0.99. The firm has a market cap of $4.46 billion, a price-to-earnings ratio of 12.24, a price-to-earnings-growth ratio of 0.68 and a beta of 1.44. The company’s 50 day simple moving average is $55.38 and its two-hundred day simple moving average is $56.11. Pinnacle Financial Partners has a 12-month low of $43.23 and a 12-month high of $61.60.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.10. Pinnacle Financial Partners had a net margin of 30.38% and a return on equity of 9.99%. The firm had revenue of $278.43 million for the quarter, compared to the consensus estimate of $267.58 million. During the same quarter in the previous year, the firm earned $1.21 EPS. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. Research analysts expect that Pinnacle Financial Partners will post 5.3 earnings per share for the current fiscal year.
In related news, Director Thomas R. Sloan sold 6,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $56.42, for a total value of $338,520.00. Following the completion of the sale, the director now directly owns 104,425 shares in the company, valued at approximately $5,891,658.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Hugh M. Queener sold 7,295 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $57.06, for a total transaction of $416,252.70. Following the completion of the sale, the chief accounting officer now owns 225,207 shares of the company’s stock, valued at $12,850,311.42. The disclosure for this sale can be found here. In the last ninety days, insiders sold 64,475 shares of company stock worth $3,674,281. Insiders own 2.97% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in PNFP. First Trust Advisors LP boosted its stake in Pinnacle Financial Partners by 7.4% in the 1st quarter. First Trust Advisors LP now owns 165,017 shares of the financial services provider’s stock worth $9,026,000 after purchasing an additional 11,436 shares in the last quarter. FMR LLC lifted its stake in Pinnacle Financial Partners by 6.2% during the 1st quarter. FMR LLC now owns 447,996 shares of the financial services provider’s stock valued at $24,505,000 after acquiring an additional 26,190 shares during the period. Carroll Financial Associates Inc. lifted its stake in Pinnacle Financial Partners by 12.4% during the 2nd quarter. Carroll Financial Associates Inc. now owns 5,959 shares of the financial services provider’s stock valued at $342,000 after acquiring an additional 658 shares during the period. Valeo Financial Advisors LLC lifted its stake in Pinnacle Financial Partners by 66.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,197 shares of the financial services provider’s stock valued at $69,000 after acquiring an additional 479 shares during the period. Finally, First Citizens Bank & Trust Co. acquired a new stake in Pinnacle Financial Partners during the 2nd quarter valued at approximately $481,000. Institutional investors own 79.72% 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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