Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives Consensus Rating of “Hold” from Brokerages
Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has earned an average recommendation of “Hold” from the six analysts that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $62.00.
Several analysts have commented on PNFP shares. Zacks Investment Research raised shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $71.00 target price for the company in a research note on Tuesday, March 28th. Stephens reaffirmed a “hold” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, April 19th. BidaskClub raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, June 9th. Finally, Hilliard Lyons reaffirmed a “neutral” rating and issued a $69.00 target price (down from $71.00) on shares of Pinnacle Financial Partners in a research note on Saturday, April 22nd.
Shares of Pinnacle Financial Partners (PNFP) traded up 0.32% on Monday, reaching $63.35. The company had a trading volume of 536,706 shares. Pinnacle Financial Partners has a 12 month low of $49.40 and a 12 month high of $71.85. The firm’s 50 day moving average is $63.02 and its 200 day moving average is $65.79. The firm has a market capitalization of $3.11 billion, a PE ratio of 20.76 and a beta of 1.27.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Monday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.06. Pinnacle Financial Partners had a net margin of 27.22% and a return on equity of 9.78%. The business had revenue of $119.10 million during the quarter, compared to analysts’ expectations of $121.59 million. During the same period last year, the company posted $0.71 EPS. The company’s revenue was up 19.4% on a year-over-year basis. On average, equities research analysts expect that Pinnacle Financial Partners will post $3.39 earnings per share for the current fiscal year.
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In related news, Director Joseph C. Galante acquired 1,000 shares of the stock in a transaction dated Wednesday, May 31st. The stock was bought at an average cost of $59.73 per share, with a total value of $59,730.00. Following the purchase, the director now directly owns 18,511 shares of the company’s stock, valued at $1,105,662.03. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the business’s stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $62.08, for a total transaction of $186,240.00. Following the sale, the insider now directly owns 67,794 shares of the company’s stock, valued at $4,208,651.52. The disclosure for this sale can be found here. Insiders have bought a total of 1,425 shares of company stock valued at $86,180 over the last three months. Corporate insiders own 5.41% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in shares of Pinnacle Financial Partners by 56,554.1% in the first quarter. BlackRock Inc. now owns 5,632,547 shares of the financial services provider’s stock valued at $374,283,000 after buying an additional 5,622,605 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Pinnacle Financial Partners during the second quarter valued at about $63,064,000. Channing Capital Management LLC bought a new stake in shares of Pinnacle Financial Partners during the first quarter valued at about $63,584,000. Vanguard Group Inc. boosted its stake in shares of Pinnacle Financial Partners by 11.0% in the first quarter. Vanguard Group Inc. now owns 4,094,690 shares of the financial services provider’s stock valued at $272,092,000 after buying an additional 407,046 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Pinnacle Financial Partners by 27.0% in the first quarter. State Street Corp now owns 1,913,478 shares of the financial services provider’s stock valued at $127,146,000 after buying an additional 406,536 shares in the last quarter. 75.60% of the stock is owned by institutional investors.
About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.
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