Pinnacle Financial Partners (PNFP) Downgraded by Zacks Investment Research to Hold

Pinnacle Financial Partners (NASDAQ:PNFP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “Pinnacle Financial Partners, Inc. Provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. “

Several other research firms have also weighed in on PNFP. Piper Jaffray Companies set a $76.00 price target on Pinnacle Financial Partners and gave the stock a “buy” rating in a research report on Thursday, November 30th. BidaskClub raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, December 20th. Wells Fargo & Co began coverage on Pinnacle Financial Partners in a research report on Thursday, December 21st. They set an “outperform” rating and a $80.00 price target on the stock. Hilliard Lyons lowered Pinnacle Financial Partners from a “buy” rating to a “neutral” rating and set a $74.00 price target on the stock. in a research report on Friday, October 20th. Finally, SunTrust Banks reaffirmed a “buy” rating and set a $74.00 price target on shares of Pinnacle Financial Partners in a research report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. Pinnacle Financial Partners has a consensus rating of “Buy” and an average price target of $76.14.

Shares of Pinnacle Financial Partners (PNFP) opened at $62.15 on Wednesday. Pinnacle Financial Partners has a 1 year low of $58.40 and a 1 year high of $71.55. The stock has a market capitalization of $4,812.08, a P/E ratio of 22.20, a P/E/G ratio of 0.94 and a beta of 1.13. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.00 and a quick ratio of 0.99.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, January 16th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.03. Pinnacle Financial Partners had a return on equity of 7.24% and a net margin of 22.27%. The business had revenue of $211.20 million for the quarter, compared to analyst estimates of $224.62 million. During the same quarter last year, the firm earned $0.83 EPS. Pinnacle Financial Partners’s revenue for the quarter was down 2.3% compared to the same quarter last year. equities analysts expect that Pinnacle Financial Partners will post 4.7 earnings per share for the current year.

In related news, Director Thomas R. Sloan sold 15,000 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $65.97, for a total value of $989,550.00. Following the completion of the sale, the director now directly owns 108,257 shares in the company, valued at approximately $7,141,714.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the business’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $65.96, for a total value of $197,880.00. Following the completion of the sale, the insider now owns 52,794 shares of the company’s stock, valued at $3,482,292.24. The disclosure for this sale can be found here. Insiders sold a total of 57,044 shares of company stock valued at $3,791,760 over the last 90 days. 5.41% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jennison Associates lifted its position in shares of Pinnacle Financial Partners by 15.4% during the 3rd quarter. Jennison Associates now owns 1,384,031 shares of the financial services provider’s stock valued at $68,385,000 after acquiring an additional 184,479 shares during the period. Capstone Asset Management Company raised its holdings in shares of Pinnacle Financial Partners by 8.1% during the 4th quarter. Capstone Asset Management Company now owns 12,879 shares of the financial services provider’s stock worth $661,000 after buying an additional 970 shares in the last quarter. Emerald Mutual Fund Advisers Trust raised its holdings in shares of Pinnacle Financial Partners by 17.5% during the 4th quarter. Emerald Mutual Fund Advisers Trust now owns 290,043 shares of the financial services provider’s stock worth $14,897,000 after buying an additional 43,180 shares in the last quarter. Emerald Advisers Inc. PA raised its holdings in shares of Pinnacle Financial Partners by 12.9% during the 4th quarter. Emerald Advisers Inc. PA now owns 190,756 shares of the financial services provider’s stock worth $9,797,000 after buying an additional 21,833 shares in the last quarter. Finally, Pinnacle Financial Partners Inc. raised its holdings in shares of Pinnacle Financial Partners by 1.3% during the 4th quarter. Pinnacle Financial Partners Inc. now owns 235,291 shares of the financial services provider’s stock worth $12,085,000 after buying an additional 2,947 shares in the last quarter. Institutional investors and hedge funds own 72.60% of the company’s stock.

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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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