Pinnacle Financial Partners, Inc. (PNFP) Earns Overweight Rating from Piper Jaffray Companies
Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)‘s stock had its “overweight” rating restated by analysts at Piper Jaffray Companies in a research report issued on Thursday, Marketbeat reports. They currently have a $72.00 price target on the financial services provider’s stock. Piper Jaffray Companies’ target price would indicate a potential upside of 7.14% from the stock’s current price.
A number of other equities research analysts also recently commented on PNFP. BidaskClub upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Stephens reiterated a “hold” rating and issued a $71.00 target price on shares of Pinnacle Financial Partners in a research report on Thursday, July 20th. Hilliard Lyons upgraded Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 target price on the stock in a research report on Wednesday, August 23rd. Finally, SunTrust Banks, Inc. reiterated a “buy” rating and issued a $73.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. Pinnacle Financial Partners has a consensus rating of “Hold” and an average price target of $68.40.
Shares of Pinnacle Financial Partners (NASDAQ:PNFP) traded up 1.36% during trading on Thursday, hitting $67.20. The stock had a trading volume of 252,171 shares. Pinnacle Financial Partners has a 12 month low of $49.40 and a 12 month high of $71.85. The stock has a 50 day moving average of $62.77 and a 200 day moving average of $63.36. The company has a market cap of $5.17 billion, a PE ratio of 21.59 and a beta of 1.31.
Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.84 EPS for the quarter, beating the Thomson Reuters’ 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 for the quarter, compared to the consensus estimate of $130.23 million. During the same period in the previous year, the business earned $0.75 earnings per share. The business’s revenue was up 31.4% on a year-over-year basis. Equities analysts forecast that Pinnacle Financial Partners will post $3.47 EPS for the current fiscal year.
In related news, Vice Chairman Ronald L. Samuel sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 26th. The stock was sold at an average price of $64.41, for a total value of $193,230.00. Following the sale, the insider now directly owns 58,794 shares in the company, valued at $3,786,921.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph C. Galante bought 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average price of $59.40 per share, for a total transaction of $59,400.00. Following the completion of the transaction, the director now directly 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. Insiders sold 110,480 shares of company stock worth $7,150,574 over the last quarter. 5.41% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of PNFP. Advisor Group Inc. raised its position in Pinnacle Financial Partners by 14.5% during the second quarter. Advisor Group Inc. now owns 2,294 shares of the financial services provider’s stock valued at $144,000 after purchasing an additional 291 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in Pinnacle Financial Partners during the first quarter valued at approximately $151,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Pinnacle Financial Partners by 61.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,464 shares of the financial services provider’s stock valued at $155,000 after purchasing an additional 935 shares during the period. Sei Investments Co. raised its position in Pinnacle Financial Partners by 270.5% during the first quarter. Sei Investments Co. now owns 2,638 shares of the financial services provider’s stock valued at $176,000 after purchasing an additional 1,926 shares during the period. Finally, Creative Planning raised its position in Pinnacle Financial Partners by 100.2% during the second quarter. Creative Planning now owns 3,218 shares of the financial services provider’s stock valued at $202,000 after purchasing an additional 1,611 shares during the period. 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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