Pinnacle Financial Partners Inc. (PNFP) Lowered to Sell at Zacks Investment Research
Pinnacle Financial Partners Inc. (NASDAQ:PNFP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
According to Zacks, “Pinnacle Financial Partners, Inc. is a bank holding company which owns 100% of the capital stock of Pinnacle National Bank, a national bank operating in the Nashville, Tennessee metropolitan area. “
Several other brokerages also recently weighed in on PNFP. Sandler O’Neill downgraded Pinnacle Financial Partners from a “buy” rating to a “hold” rating and set a $60.00 target price for the company. in a research report on Tuesday, September 13th. SunTrust Banks Inc. upped their target price on Pinnacle Financial Partners from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, July 15th. Finally, Piper Jaffray Cos. raised Pinnacle Financial Partners from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $51.00 to $60.00 in a research report on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus target price of $57.00.
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Pinnacle Financial Partners (NASDAQ:PNFP) traded up 0.58% on Wednesday, reaching $55.30. The company’s stock had a trading volume of 158,408 shares. The firm’s 50 day moving average price is $55.12 and its 200-day moving average price is $50.90. Pinnacle Financial Partners has a 52 week low of $43.32 and a 52 week high of $57.99. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of 20.55 and a beta of 1.58.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, July 19th. The financial services provider reported $0.75 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.75. Pinnacle Financial Partners had a return on equity of 9.58% and a net margin of 26.36%. On average, equities analysts predict that Pinnacle Financial Partners will post $3.00 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 26th. Investors of record on Friday, August 5th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date was Wednesday, August 3rd. Pinnacle Financial Partners’s dividend payout ratio is currently 20.90%.
In related news, Director William H. Iv Huddleston sold 10,000 shares of the stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $53.96, for a total value of $539,600.00. Following the completion of the transaction, the director now owns 55,863 shares of the company’s stock, valued at $3,014,367.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 6.30% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Advisor Group Inc. acquired a new position in shares of Pinnacle Financial Partners during the second quarter worth approximately $111,000. Strs Ohio increased its position in Pinnacle Financial Partners by 300.0% in the second quarter. Strs Ohio now owns 2,400 shares of the financial services provider’s stock worth $117,000 after buying an additional 1,800 shares in the last quarter. BlackRock Inc. increased its position in Pinnacle Financial Partners by 152.4% in the first quarter. BlackRock Inc. now owns 2,542 shares of the financial services provider’s stock worth $125,000 after buying an additional 1,535 shares in the last quarter. Bank of Montreal Can purchased a new position in Pinnacle Financial Partners during the second quarter worth approximately $125,000. Finally, Ladenburg Thalmann Financial Services Inc. increased its position in Pinnacle Financial Partners by 9.9% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,013 shares of the financial services provider’s stock worth $148,000 after buying an additional 272 shares in the last quarter. 63.99% of the stock is owned by hedge funds and other institutional investors.
Pinnacle Financial Partners Company Profile
Pinnacle Financial Partners, Inc (Pinnacle) is a bank holding company. Pinnacle operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville and Knoxville, Tennessee. As an urban community bank, Pinnacle provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management, offered by large regional and national banks.
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