Pinnacle Financial Partners (NASDAQ:PNFP) Cut to Hold at BidaskClub

BidaskClub lowered shares of Pinnacle Financial Partners (NASDAQ:PNFP) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning, BidAskClub reports.

PNFP has been the topic of a number of other research reports. Stephens reissued a hold rating and issued a $63.00 price target on shares of Pinnacle Financial Partners in a report on Monday, September 16th. JPMorgan Chase & Co. started coverage on shares of Pinnacle Financial Partners in a report on Wednesday, September 18th. They issued a neutral rating and a $62.00 price target on the stock. ValuEngine lowered shares of Pinnacle Financial Partners from a sell rating to a strong sell rating in a report on Monday, October 21st. Finally, Zacks Investment Research raised shares of Pinnacle Financial Partners from a sell rating to a hold rating in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The stock has an average rating of Hold and an average price target of $60.83.

NASDAQ PNFP traded up $0.18 on Wednesday, hitting $60.01. The stock had a trading volume of 379,600 shares, compared to its average volume of 343,145. The company has a market capitalization of $4.60 billion, a price-to-earnings ratio of 12.66, a price-to-earnings-growth ratio of 0.70 and a beta of 1.43. Pinnacle Financial Partners has a 52-week low of $43.23 and a 52-week high of $61.60. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a 50-day moving average of $58.14 and a 200-day moving average of $56.56.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.10. The business had revenue of $278.43 million for the quarter, compared to analyst estimates of $267.58 million. Pinnacle Financial Partners had a net margin of 30.38% and a return on equity of 9.99%. The company’s revenue was up 15.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.21 EPS. As a group, research analysts anticipate that Pinnacle Financial Partners will post 5.35 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend is Thursday, October 31st. Pinnacle Financial Partners’s payout ratio is 13.50%.

In other news, CEO M Terry Turner sold 47,174 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $56.96, for a total transaction of $2,687,031.04. Following the sale, the chief executive officer now owns 365,197 shares of the company’s stock, valued at approximately $20,801,621.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas R. Sloan sold 6,000 shares of Pinnacle Financial Partners stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $56.42, for a total transaction of $338,520.00. Following the sale, the director now directly owns 104,425 shares in the company, valued at approximately $5,891,658.50. The disclosure for this sale can be found here. Insiders have sold a total of 106,576 shares of company stock worth $6,213,470 in the last ninety days. Insiders own 2.97% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in PNFP. FMR LLC boosted its stake in shares of Pinnacle Financial Partners by 6.2% during the 1st quarter. FMR LLC now owns 447,996 shares of the financial services provider’s stock valued at $24,505,000 after purchasing an additional 26,190 shares in the last quarter. Carroll Financial Associates Inc. lifted its position in Pinnacle Financial Partners by 12.4% during the 2nd quarter. Carroll Financial Associates Inc. now owns 5,959 shares of the financial services provider’s stock valued at $342,000 after acquiring an additional 658 shares during the period. Valeo Financial Advisors LLC lifted its position in Pinnacle Financial Partners by 66.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,197 shares of the financial services provider’s stock valued at $69,000 after acquiring an additional 479 shares during the period. First Citizens Bank & Trust Co. purchased a new position in Pinnacle Financial Partners during the 2nd quarter valued at about $481,000. Finally, CENTRAL TRUST Co lifted its position in Pinnacle Financial Partners by 376.7% during the 2nd quarter. CENTRAL TRUST Co now owns 715 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 565 shares during the period. 79.87% of the stock is currently owned by hedge funds and other institutional investors.

About Pinnacle Financial Partners

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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