Zacks Investment Research lowered shares of Pinnacle Financial Partners (NASDAQ:PNFP) from a buy rating to a hold rating in a research note published on Wednesday morning.
According to Zacks, “Pinnacle Financial Partners, Inc. Provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. “
Several other brokerages also recently weighed in on PNFP. Piper Jaffray Companies set a $76.00 target price on Pinnacle Financial Partners and gave the company a buy rating in a research note on Thursday, November 30th. BidaskClub raised Pinnacle Financial Partners from a sell rating to a hold rating in a research note on Wednesday, December 20th. Wells Fargo & Co began coverage on Pinnacle Financial Partners in a research note on Thursday, December 21st. They set an outperform rating and a $80.00 target price on the stock. Hilliard Lyons downgraded Pinnacle Financial Partners from a buy rating to a neutral rating and set a $74.00 target price on the stock. in a research note on Friday, October 20th. Finally, SunTrust Banks reaffirmed a buy rating and set a $74.00 target price on shares of Pinnacle Financial Partners in a research note on Friday, October 20th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $76.14.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.03. Pinnacle Financial Partners had a return on equity of 7.24% and a net margin of 22.27%. The business had revenue of $211.20 million during the quarter, compared to analyst estimates of $224.62 million. During the same quarter in the previous year, the firm posted $0.83 EPS. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. sell-side analysts forecast that Pinnacle Financial Partners will post 4.7 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Friday, February 2nd will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Thursday, February 1st. Pinnacle Financial Partners’s payout ratio is currently 20.00%.
In other news, Vice Chairman Ronald L. Samuel sold 3,000 shares of the business’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $65.96, for a total value of $197,880.00. Following the sale, the insider now owns 52,794 shares of the company’s stock, valued at approximately $3,482,292.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO M Terry Turner sold 31,171 shares of the business’s stock in a transaction on Monday, January 8th. The stock was sold at an average price of $67.11, for a total value of $2,091,885.81. Following the completion of the sale, the chief executive officer now directly owns 489,701 shares in the company, valued at approximately $32,863,834.11. The disclosure for this sale can be found here. Insiders have sold a total of 57,044 shares of company stock worth $3,791,760 in the last ninety days. 5.41% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of PNFP. Advisor Group Inc. raised its stake in shares of Pinnacle Financial Partners by 14.5% in the 2nd quarter. Advisor Group Inc. now owns 2,294 shares of the financial services provider’s stock worth $144,000 after buying an additional 291 shares in the last quarter. Parametric Portfolio Associates LLC raised its stake in shares of Pinnacle Financial Partners by 49.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 61,404 shares of the financial services provider’s stock worth $3,856,000 after buying an additional 20,369 shares in the last quarter. Balyasny Asset Management LLC bought a new stake in shares of Pinnacle Financial Partners in the 2nd quarter worth $245,000. HighTower Advisors LLC raised its stake in shares of Pinnacle Financial Partners by 3.9% in the 2nd quarter. HighTower Advisors LLC now owns 5,820 shares of the financial services provider’s stock worth $366,000 after buying an additional 220 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Pinnacle Financial Partners by 42.8% in the 2nd quarter. State Street Corp now owns 2,733,336 shares of the financial services provider’s stock worth $171,658,000 after buying an additional 819,858 shares in the last quarter. 72.60% of the stock is currently owned by 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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