Equities research analysts at Wells Fargo & Company began coverage on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a research report issued to clients and investors on Thursday, The Fly reports. The firm set an “outperform” rating on the financial services provider’s stock.
Several other equities research analysts have also weighed in on PNFP. Zacks Investment Research upgraded shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $76.00 price objective on the stock in a research note on Wednesday. BidaskClub upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Wednesday. Hilliard Lyons upgraded shares of Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 price objective on the stock in a research note on Wednesday, August 23rd. Piper Jaffray Companies reiterated a “buy” rating and set a $74.00 price objective on shares of Pinnacle Financial Partners in a research note on Thursday, October 19th. Finally, SunTrust Banks restated a “buy” rating and issued a $73.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, October 4th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $74.20.
Shares of Pinnacle Financial Partners (PNFP) opened at $67.40 on Thursday. The firm has a market cap of $5,265.72, a PE ratio of 19.93, a P/E/G ratio of 1.59 and a beta of 1.31. Pinnacle Financial Partners has a 12 month low of $58.40 and a 12 month high of $71.55. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.98 and a current ratio of 0.99.
In other Pinnacle Financial Partners news, Vice Chairman Ronald L. Samuel sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $64.41, for a total value of $193,230.00. Following the completion of the transaction, the insider now owns 58,794 shares in the company, valued at approximately $3,786,921.54. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 17,711 shares of the company’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $67.45, for a total transaction of $1,194,606.95. Following the completion of the transaction, the chief financial officer now owns 107,090 shares of the company’s stock, valued at approximately $7,223,220.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 81,711 shares of company stock valued at $5,472,807. 5.41% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the company. Kennedy Capital Management Inc. boosted its holdings in shares of Pinnacle Financial Partners by 116.8% in the second quarter. Kennedy Capital Management Inc. now owns 298,196 shares of the financial services provider’s stock valued at $18,727,000 after acquiring an additional 160,671 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Pinnacle Financial Partners by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 1,060,209 shares of the financial services provider’s stock valued at $66,581,000 after acquiring an additional 4,877 shares in the last quarter. Utah Retirement Systems bought a new position in shares of Pinnacle Financial Partners in the second quarter valued at approximately $834,000. BNP Paribas Arbitrage SA boosted its holdings in shares of Pinnacle Financial Partners by 187.3% in the second quarter. BNP Paribas Arbitrage SA now owns 27,358 shares of the financial services provider’s stock valued at $1,718,000 after acquiring an additional 17,836 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of Pinnacle Financial Partners by 7.8% in the second quarter. Wells Fargo & Company MN now owns 307,772 shares of the financial services provider’s stock valued at $19,329,000 after acquiring an additional 22,181 shares in the last quarter. Institutional investors and hedge funds own 71.75% of the company’s stock.
TRADEMARK VIOLATION NOTICE: “Pinnacle Financial Partners (PNFP) Research Coverage Started at Wells Fargo & Company” was originally published by American Banking and Market News and is owned by of American Banking and Market News. If you are reading this article on another website, it was stolen and republished in violation of US & international trademark & copyright legislation. The legal version of this article can be viewed at https://www.americanbankingnews.com/2017/12/21/pinnacle-financial-partners-pnfp-research-coverage-started-at-wells-fargo-company.html.
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.
