Pinnacle Financial Partners, Inc. (PNFP) Rating Increased 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 note issued to investors on Friday.
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 analysts have also recently commented on PNFP. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $74.00 target price on shares of Pinnacle Financial Partners in a report on Friday. Piper Jaffray Companies reiterated a “buy” rating and issued a $74.00 target price on shares of Pinnacle Financial Partners in a report on Thursday. 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 report on Wednesday, August 23rd. BidaskClub cut Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Finally, Stephens reiterated a “hold” rating and issued a $71.00 target price on shares of Pinnacle Financial Partners in a report on Thursday, July 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $73.25.
Shares of Pinnacle Financial Partners (PNFP) traded up 0.15% on Friday, hitting $67.45. 610,998 shares of the stock traded hands. Pinnacle Financial Partners has a 1-year low of $49.40 and a 1-year high of $71.85. The stock has a market cap of $5.24 billion, a PE ratio of 20.74 and a beta of 1.31. The stock has a 50 day moving average of $64.73 and a 200-day moving average of $63.56.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.01. Pinnacle Financial Partners had a return on equity of 7.36% and a net margin of 27.41%. The company had revenue of $216.20 million during the quarter, compared to the consensus estimate of $217.13 million. During the same quarter in the prior year, the firm posted $0.78 earnings per share. The firm’s revenue was up 102.8% compared to the same quarter last year. On average, equities research analysts expect that Pinnacle Financial Partners will post $3.47 EPS for the current year.
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In related news, CEO M Terry Turner sold 101,480 shares of the company’s stock in a transaction that occurred 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 sale, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph C. Galante bought 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, September 7th. The stock was bought at an average price of $59.40 per share, for a total transaction of $59,400.00. Following the completion of the acquisition, the director now directly owns 19,011 shares of the company’s stock, valued at $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 currently owned by company insiders.
Institutional investors have recently bought and sold shares of the business. Advisor Group Inc. boosted its holdings in shares of Pinnacle Financial Partners by 14.5% during the 2nd quarter. Advisor Group Inc. now owns 2,294 shares of the financial services provider’s stock worth $144,000 after buying an additional 291 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $151,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Pinnacle Financial Partners by 61.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,464 shares of the financial services provider’s stock worth $155,000 after buying an additional 935 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Pinnacle Financial Partners by 270.5% during the 1st quarter. Sei Investments Co. now owns 2,638 shares of the financial services provider’s stock worth $176,000 after buying an additional 1,926 shares in the last quarter. Finally, Creative Planning boosted its holdings in shares of Pinnacle Financial Partners by 100.2% during the 2nd quarter. Creative Planning now owns 3,218 shares of the financial services provider’s stock worth $202,000 after buying an additional 1,611 shares in the last quarter. Hedge funds and other institutional investors own 69.29% of the company’s stock.
Pinnacle Financial Partners Company Profile
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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