Pinnacle Financial Partners Inc. (PNFP) Rating 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 research 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. “
A number of other research firms 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 report on Tuesday, September 13th. Piper Jaffray Cos. raised Pinnacle Financial Partners from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $51.00 to $60.00 in a report on Tuesday, July 12th. Finally, SunTrust Banks Inc. lifted their target price on Pinnacle Financial Partners from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, July 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $57.00.
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Pinnacle Financial Partners (NASDAQ:PNFP) opened at 54.98 on Wednesday. The firm has a market cap of $2.28 billion, a P/E ratio of 20.43 and a beta of 1.58. Pinnacle Financial Partners has a 12 month low of $43.32 and a 12 month high of $57.99. The company’s 50-day moving average is $55.02 and its 200 day moving average is $50.87.
Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, July 19th. The financial services provider reported $0.75 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.75. Pinnacle Financial Partners had a return on equity of 9.58% and a net margin of 26.36%. Equities research analysts expect that Pinnacle Financial Partners will post $3.00 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 26th. Investors of record on Friday, August 5th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date of this dividend was Wednesday, August 3rd. Pinnacle Financial Partners’s payout ratio is currently 20.90%.
In related news, Director William H. Iv Huddleston sold 10,000 shares of the firm’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $53.96, for a total value of $539,600.00. Following the transaction, the director now owns 55,863 shares in the company, valued at $3,014,367.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.30% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Concert Wealth Management Inc. boosted its position in shares of Pinnacle Financial Partners by 0.9% in the second quarter. Concert Wealth Management Inc. now owns 10,436 shares of the financial services provider’s stock worth $510,000 after buying an additional 95 shares during the last quarter. US Bancorp DE boosted its position in Pinnacle Financial Partners by 0.6% in the second quarter. US Bancorp DE now owns 18,457 shares of the financial services provider’s stock worth $902,000 after buying an additional 114 shares in the last quarter. Profund Advisors LLC boosted its position in Pinnacle Financial Partners by 2.3% in the second quarter. Profund Advisors LLC now owns 5,289 shares of the financial services provider’s stock worth $258,000 after buying an additional 119 shares in the last quarter. Moody Lynn & Lieberson LLC boosted its position in Pinnacle Financial Partners by 1.2% in the second quarter. Moody Lynn & Lieberson LLC now owns 10,704 shares of the financial services provider’s stock worth $523,000 after buying an additional 128 shares in the last quarter. Finally, PineBridge Investments L.P. boosted its position in Pinnacle Financial Partners by 4.3% in the second quarter. PineBridge Investments L.P. now owns 4,498 shares of the financial services provider’s stock worth $220,000 after buying an additional 185 shares in the last quarter. Institutional investors own 63.99% of the company’s stock.
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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