Pinnacle Financial Partners, Inc. (PNFP) Given Buy Rating at SunTrust Banks, Inc.
Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)‘s stock had its “buy” rating restated by stock analysts at SunTrust Banks, Inc. in a research report issued to clients and investors on Wednesday. They currently have a $73.00 target price on the financial services provider’s stock. SunTrust Banks, Inc.’s price target indicates a potential upside of 10.11% from the company’s current price.
A number of other analysts also recently issued reports on the company. Hilliard Lyons raised Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 target price for the company in a research report on Wednesday, August 23rd. BidaskClub downgraded Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 8th. Finally, Stephens reissued a “hold” rating and issued a $71.00 target price on shares of Pinnacle Financial Partners in a research report on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $68.20.
Pinnacle Financial Partners (NASDAQ PNFP) traded down 1.19% during mid-day trading on Wednesday, reaching $66.30. The company had a trading volume of 244,498 shares. The stock has a 50-day moving average of $62.63 and a 200 day moving average of $63.34. The company has a market capitalization of $5.10 billion, a price-to-earnings ratio of 21.30 and a beta of 1.31. Pinnacle Financial Partners has a 12-month low of $49.40 and a 12-month high of $71.85.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.04. Pinnacle Financial Partners had a return on equity of 7.67% and a net margin of 27.36%. The business had revenue of $141.70 million during the quarter, compared to the consensus estimate of $130.23 million. During the same period last year, the business posted $0.75 earnings per share. The business’s revenue for the quarter was up 31.4% on a year-over-year basis. On average, analysts expect that Pinnacle Financial Partners will post $3.47 EPS for the current year.
In other news, CEO M Terry Turner sold 101,480 shares of Pinnacle Financial Partners stock in a transaction on Monday, July 24th. The stock was sold at an average price of $64.82, for a total value of $6,577,933.60. Following the completion of the transaction, the chief executive officer now directly owns 538,441 shares in the company, valued at $34,901,745.62. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joseph C. Galante purchased 1,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, September 7th. The stock was bought at an average price of $59.40 per share, with a total value of $59,400.00. Following the completion of the transaction, the director now owns 19,011 shares of the company’s stock, valued at approximately $1,129,253.40. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 110,480 shares of company stock valued at $7,150,574. 5.41% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in PNFP. BlackRock Inc. grew its position 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 purchasing an additional 5,622,605 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Pinnacle Financial Partners by 42.6% in the second quarter. Vanguard Group Inc. now owns 5,840,702 shares of the financial services provider’s stock valued at $366,796,000 after purchasing an additional 1,746,012 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Pinnacle Financial Partners by 186.2% in the second quarter. Franklin Resources Inc. now owns 1,720,468 shares of the financial services provider’s stock valued at $108,045,000 after purchasing an additional 1,119,331 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Pinnacle Financial Partners in the second quarter valued at $63,064,000. Finally, State Street Corp grew its position in shares of Pinnacle Financial Partners by 42.8% in the second quarter. State Street Corp now owns 2,733,336 shares of the financial services provider’s stock valued at $171,658,000 after purchasing an additional 819,858 shares in the last quarter. Institutional investors own 69.28% of the company’s stock.
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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