Pinnacle Financial Partners (NASDAQ:PNFP) Research Coverage Started at Bank of America

Bank of America initiated coverage on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a report issued on Monday morning, MarketBeat.com reports. The firm issued a buy rating and a $113.00 target price on the financial services provider’s stock.

Several other research firms also recently commented on PNFP. Cowen started coverage on Pinnacle Financial Partners in a report on Wednesday, September 24th. They set a “buy” rating for the company. Stephens cut their price objective on Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating on the stock in a research report on Friday, October 17th. Keefe, Bruyette & Woods cut their target price on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating for the company in a research report on Wednesday, August 13th. UBS Group decreased their target price on shares of Pinnacle Financial Partners from $104.00 to $95.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. Finally, Barclays lifted their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 11th. Seven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $109.83.

Pinnacle Financial Partners Trading Up 3.3%

NASDAQ:PNFP opened at $99.94 on Monday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. The firm’s fifty day moving average is $89.56 and its 200-day moving average is $97.51. Pinnacle Financial Partners has a 52 week low of $81.57 and a 52 week high of $127.85. The firm has a market cap of $7.75 billion, a P/E ratio of 12.70, a P/E/G ratio of 0.60 and a beta of 1.06.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.The company had revenue of $544.80 million for the quarter, compared to the consensus estimate of $526.40 million. During the same period in the previous year, the business earned $1.86 EPS. Equities analysts expect that Pinnacle Financial Partners will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 7th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, November 7th. This represents a $0.96 annualized dividend and a dividend yield of 1.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.20%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director G Kennedy Thompson bought 5,000 shares of Pinnacle Financial Partners stock in a transaction dated Monday, October 20th. The shares were purchased at an average cost of $87.63 per share, with a total value of $438,150.00. Following the completion of the purchase, the director owned 33,372 shares of the company’s stock, valued at approximately $2,924,388.36. This represents a 17.62% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 6,775 shares of the firm’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $93.00, for a total value of $630,075.00. Following the completion of the sale, the chairman directly owned 202,505 shares of the company’s stock, valued at $18,832,965. The trade was a 3.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.46% of the stock is owned by insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Institutional investors and hedge funds have recently modified their holdings of the stock. Trexquant Investment LP raised its position in Pinnacle Financial Partners by 27.4% in the 1st quarter. Trexquant Investment LP now owns 23,183 shares of the financial services provider’s stock worth $2,458,000 after buying an additional 4,989 shares during the last quarter. Azora Capital LP boosted its holdings in shares of Pinnacle Financial Partners by 9.2% during the 1st quarter. Azora Capital LP now owns 998,474 shares of the financial services provider’s stock valued at $105,878,000 after acquiring an additional 84,538 shares during the last quarter. Advisors Capital Management LLC grew its stake in shares of Pinnacle Financial Partners by 10.5% in the second quarter. Advisors Capital Management LLC now owns 34,233 shares of the financial services provider’s stock worth $3,780,000 after acquiring an additional 3,252 shares during the period. Graham Capital Management L.P. purchased a new position in shares of Pinnacle Financial Partners during the first quarter valued at approximately $1,426,000. Finally, Millennium Management LLC bought a new position in Pinnacle Financial Partners during the first quarter valued at approximately $77,207,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.