Pinnacle Financial Partners Inc. (PNFP) Raised to “Hold” at Zacks Investment Research
Pinnacle Financial Partners Inc. (NASDAQ:PNFP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
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. “
Other research analysts also recently issued reports about the stock. Sandler O’Neill downgraded shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating and set a $60.00 price target on the stock. in a research report on Tuesday, September 13th. SunTrust Banks Inc. increased their price target on shares of 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. upgraded shares of Pinnacle Financial Partners from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $51.00 to $60.00 in a research report on Tuesday, July 12th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Pinnacle Financial Partners presently has an average rating of “Buy” and a consensus price target of $57.00.
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Shares of Pinnacle Financial Partners (NASDAQ:PNFP) opened at 55.48 on Tuesday. The company has a market capitalization of $2.30 billion, a P/E ratio of 20.62 and a beta of 1.55. The firm has a 50-day moving average of $55.47 and a 200 day moving average of $51.52. Pinnacle Financial Partners has a 1-year low of $43.32 and a 1-year high of $57.99.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly 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 net margin of 26.36% and a return on equity of 9.58%. On average, analysts anticipate that Pinnacle Financial Partners will post $3.03 EPS for the current year.
In other news, Director William H. Iv Huddleston sold 10,000 shares of the firm’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $53.96, for a total transaction of $539,600.00. Following the sale, the director now directly owns 55,863 shares in the company, valued at approximately $3,014,367.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.30% of the company’s stock.
A number of institutional investors have recently bought and sold shares of PNFP. Mason Street Advisors LLC bought a new position in Pinnacle Financial Partners during the second quarter valued at $368,000. Northwestern Mutual Wealth Management Co. boosted its position in Pinnacle Financial Partners by 4,231.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,595 shares of the financial services provider’s stock valued at $176,000 after buying an additional 3,512 shares during the last quarter. Royal Bank of Canada boosted its position in Pinnacle Financial Partners by 8.8% in the second quarter. Royal Bank of Canada now owns 453,408 shares of the financial services provider’s stock valued at $22,149,000 after buying an additional 36,577 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in Pinnacle Financial Partners by 14.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 132,592 shares of the financial services provider’s stock valued at $6,478,000 after buying an additional 16,706 shares during the last quarter. Finally, Amalgamated Bank bought a new position in Pinnacle Financial Partners during the second quarter valued at $270,000. 63.99% of the stock is owned by 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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