Hilliard Lyons upgraded shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) from a neutral rating to a buy rating in a report issued on Wednesday, Marketbeat.com reports.
A number of other research firms also recently weighed in on PNFP. Zacks Investment Research downgraded shares of Pinnacle Financial Partners from a buy rating to a sell rating in a research note on Wednesday, October 11th. Piper Jaffray Companies reiterated a buy rating and set a $74.00 target price on shares of Pinnacle Financial Partners in a research report on Thursday, October 19th. SunTrust Banks, Inc. reiterated a buy rating and set a $73.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, October 4th. Stephens reiterated a hold rating and set a $71.00 target price on shares of Pinnacle Financial Partners in a research report on Thursday, July 20th. Finally, BidaskClub downgraded shares of Pinnacle Financial Partners from a sell rating to a strong sell rating in a research report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $73.25.
Pinnacle Financial Partners (NASDAQ PNFP) traded down $0.50 on Wednesday, hitting $63.85. 343,800 shares of the stock were exchanged, compared to its average volume of 432,331. Pinnacle Financial Partners has a one year low of $53.80 and a one year high of $71.85. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.57. The firm has a market cap of $4,962.61, a P/E ratio of 18.78, a P/E/G ratio of 1.50 and a beta of 1.32.
Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. Pinnacle Financial Partners had a net margin of 27.41% and a return on equity of 7.36%. The company had revenue of $216.20 million for the quarter, compared to the consensus estimate of $217.13 million. During the same period last year, the company posted $0.78 EPS. The firm’s quarterly revenue was up 102.8% compared to the same quarter last year. equities analysts predict that Pinnacle Financial Partners will post 3.55 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Friday, November 3rd will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, November 2nd. This represents a $0.56 annualized dividend and a yield of 0.88%. Pinnacle Financial Partners’s dividend payout ratio is presently 17.34%.
In related news, Vice Chairman Ronald L. Samuel sold 3,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $67.28, for a total transaction of $201,840.00. Following the sale, the insider now directly owns 55,794 shares in the company, valued at approximately $3,753,820.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joseph C. Galante purchased 1,000 shares of the stock in a transaction on Thursday, September 7th. The shares were purchased at an average price of $59.40 per share, with a total value of $59,400.00. Following the acquisition, the director now owns 19,011 shares in the company, valued at approximately $1,129,253.40. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 66,711 shares of company stock worth $4,466,727. 5.41% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Advisor Group Inc. raised its holdings in 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 purchasing an additional 291 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in Pinnacle Financial Partners during the 1st quarter worth approximately $151,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in 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 purchasing an additional 935 shares during the last quarter. Creative Planning raised its holdings in 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 purchasing an additional 1,611 shares during the last quarter. Finally, Riverhead Capital Management LLC raised its holdings in Pinnacle Financial Partners by 149.7% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,496 shares of the financial services provider’s stock worth $220,000 after purchasing an additional 2,096 shares during the last quarter. Hedge funds and other institutional investors own 69.97% 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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