Stephens Downgrades Pinnacle Financial Partners (NASDAQ:PNFP) to Equal Weight

Stephens downgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP) from an overweight rating to an equal weight rating in a research note published on Tuesday, Benzinga reports. Stephens currently has $62.00 target price on the financial services provider’s stock.

Several other equities analysts have also commented on the stock. BidaskClub lowered shares of Zions Bancorporation NA from a sell rating to a strong sell rating in a research report on Wednesday, May 15th. Raymond James set a $8.00 price objective on shares of Superior Energy Services and gave the company a buy rating in a research report on Wednesday, April 17th. Finally, Zacks Investment Research reaffirmed a hold rating on shares of Western New England Bancorp in a research report on Saturday, June 29th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $61.17.

Shares of Pinnacle Financial Partners stock opened at $56.49 on Tuesday. The stock has a market cap of $4.31 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 0.79 and a beta of 1.36. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.64. The firm has a 50 day moving average of $55.81. Pinnacle Financial Partners has a 52 week low of $43.23 and a 52 week high of $66.54.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Monday, April 15th. The financial services provider reported $1.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.03. The firm had revenue of $238.30 million during the quarter, compared to analyst estimates of $246.03 million. Pinnacle Financial Partners had a net margin of 30.80% and a return on equity of 9.53%. Pinnacle Financial Partners’s revenue was up 9.0% on a year-over-year basis. During the same period last year, the firm posted $1.13 EPS. As a group, analysts anticipate that Pinnacle Financial Partners will post 5.08 EPS for the current year.

In related news, Chairman Richard D. Callicutt II sold 4,035 shares of the stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $59.01, for a total value of $238,105.35. Following the transaction, the chairman now owns 129,269 shares in the company, valued at approximately $7,628,163.69. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Vice Chairman Ronald L. Samuel sold 1,600 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $56.74, for a total transaction of $90,784.00. Following the sale, the insider now directly owns 24,253 shares in the company, valued at approximately $1,376,115.22. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,135 shares of company stock worth $469,294. 2.97% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its stake in shares of Pinnacle Financial Partners by 0.8% during the 1st quarter. BlackRock Inc. now owns 6,778,226 shares of the financial services provider’s stock worth $370,769,000 after purchasing an additional 51,123 shares during the period. Vanguard Group Inc grew its stake in shares of Pinnacle Financial Partners by 2.2% during the 3rd quarter. Vanguard Group Inc now owns 6,520,182 shares of the financial services provider’s stock worth $392,188,000 after purchasing an additional 142,700 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Pinnacle Financial Partners by 5.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,586,418 shares of the financial services provider’s stock worth $73,135,000 after purchasing an additional 82,699 shares during the period. Victory Capital Management Inc. grew its stake in shares of Pinnacle Financial Partners by 0.7% during the 1st quarter. Victory Capital Management Inc. now owns 1,545,122 shares of the financial services provider’s stock worth $84,518,000 after purchasing an additional 11,085 shares during the period. Finally, Wells Fargo & Company MN grew its stake in shares of Pinnacle Financial Partners by 1.6% during the 1st quarter. Wells Fargo & Company MN now owns 1,171,269 shares of the financial services provider’s stock worth $64,069,000 after purchasing an additional 18,479 shares during the period. 80.54% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.

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Analyst Recommendations for Pinnacle Financial Partners (NASDAQ:PNFP)

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