Pinnacle Financial Partners Inc. (PNFP) Stock Rating Upgraded by 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 to investors 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. “
Several other equities analysts also recently commented on the stock. Piper Jaffray Cos. raised shares of Pinnacle Financial Partners from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $51.00 to $60.00 in a research note on Tuesday, July 12th. SunTrust Banks Inc. increased their price objective on shares of Pinnacle Financial Partners from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, July 15th. Finally, Sandler O’Neill downgraded shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating and set a $60.00 price objective for the company. in a research note on Tuesday, September 13th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Pinnacle Financial Partners has a consensus rating of “Buy” and a consensus target price of $57.00.
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Pinnacle Financial Partners (NASDAQ:PNFP) opened at 55.48 on Tuesday. Pinnacle Financial Partners has a one year low of $43.32 and a one year high of $57.99. The stock has a 50 day moving average of $55.47 and a 200 day moving average of $51.52. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of 20.62 and a beta of 1.55.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly 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 net margin of 26.36% and a return on equity of 9.58%. Equities research analysts predict that Pinnacle Financial Partners will post $3.03 EPS for the current fiscal 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 completion of the transaction, the director now owns 55,863 shares of the company’s stock, valued at $3,014,367.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 6.30% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Concert Wealth Management Inc. increased its position in 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 valued at $510,000 after buying an additional 95 shares during the last quarter. US Bancorp DE boosted its stake 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 valued at $902,000 after buying an additional 114 shares during the period. Profund Advisors LLC boosted its stake 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 valued at $258,000 after buying an additional 119 shares during the period. Moody Lynn & Lieberson LLC boosted its stake 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 valued at $523,000 after buying an additional 128 shares during the period. Finally, PineBridge Investments L.P. boosted its stake 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 valued at $220,000 after buying an additional 185 shares during the period. 63.99% of the stock is owned by hedge funds and other institutional investors.
About Pinnacle Financial Partners
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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