Pinnacle Financial Partners (NASDAQ:PNFP) was the target of a significant increase in short interest in February. As of February 28th, there was short interest totalling 2,378,547 shares, an increase of 40.6% from the February 15th total of 1,691,404 shares. Currently, 6.2% of the company’s stock are sold short. Based on an average daily trading volume, of 540,388 shares, the days-to-cover ratio is presently 4.4 days.
Pinnacle Financial Partners (NASDAQ:PNFP) opened at $68.45 on Tuesday. The company has a market capitalization of $5,330.00, a PE ratio of 21.32, a P/E/G ratio of 1.04 and a beta of 1.07. Pinnacle Financial Partners has a 1-year low of $58.40 and a 1-year high of $70.30. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.48.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.03. The firm had revenue of $211.20 million during the quarter, compared to the consensus estimate of $224.62 million. Pinnacle Financial Partners had a return on equity of 7.24% and a net margin of 22.27%. Pinnacle Financial Partners’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.83 earnings per share. equities analysts forecast that Pinnacle Financial Partners will post 4.72 EPS for the current fiscal year.
A number of equities research analysts have recently issued reports on PNFP shares. BidaskClub lowered Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Thursday, December 7th. Wells Fargo & Co started coverage on Pinnacle Financial Partners in a research note on Thursday, December 21st. They issued an “outperform” rating and a $80.00 target price for the company. Zacks Investment Research upgraded Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $76.00 target price for the company in a research note on Wednesday, December 20th. SunTrust Banks lowered their target price on Pinnacle Financial Partners to $80.00 and set a “buy” rating for the company in a research note on Thursday, January 18th. Finally, Keefe, Bruyette & Woods upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating in a research note on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $76.14.
In other news, CAO Hugh M. Queener sold 21,253 shares of the stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $67.51, for a total value of $1,434,790.03. Following the completion of the sale, the chief accounting officer now owns 235,471 shares in the company, valued at $15,896,647.21. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thomas R. Sloan sold 15,000 shares of the stock in a transaction dated Friday, December 15th. The shares were 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 owns 108,257 shares of the company’s stock, valued at approximately $7,141,714.29. The disclosure for this sale can be found here. In the last quarter, insiders sold 137,047 shares of company stock valued at $9,192,274. Insiders own 3.39% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of PNFP. Nationwide Fund Advisors boosted its holdings in Pinnacle Financial Partners by 0.9% in the third quarter. Nationwide Fund Advisors now owns 199,445 shares of the financial services provider’s stock valued at $13,353,000 after purchasing an additional 1,852 shares during the last quarter. Aperio Group LLC lifted its holdings in Pinnacle Financial Partners by 20.5% during the 3rd quarter. Aperio Group LLC now owns 10,850 shares of the financial services provider’s stock worth $726,000 after buying an additional 1,847 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in Pinnacle Financial Partners during the 3rd quarter worth approximately $593,000. State Board of Administration of Florida Retirement System lifted its holdings in Pinnacle Financial Partners by 18.1% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 80,990 shares of the financial services provider’s stock worth $5,422,000 after buying an additional 12,400 shares during the last quarter. Finally, State of Wisconsin Investment Board lifted its holdings in Pinnacle Financial Partners by 14.7% during the 3rd quarter. State of Wisconsin Investment Board now owns 95,785 shares of the financial services provider’s stock worth $6,413,000 after buying an additional 12,305 shares during the last quarter. 72.13% of the stock is owned by hedge funds and other institutional investors.
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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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