Pinnacle Financial Partners (PNFP) Receives Average Recommendation of “Buy” from Brokerages

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Pinnacle Financial Partners (NASDAQ:PNFP) has received a consensus recommendation of “Buy” from the thirteen analysts that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation and ten have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $72.17.

A number of equities research analysts have recently weighed in on the company. BidaskClub upgraded Pinnacle Financial Partners from a “hold” rating to a “buy” rating in a research report on Saturday, August 18th. Zacks Investment Research lowered Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. Stephens reiterated a “buy” rating and issued a $74.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, October 3rd. Wells Fargo & Co set a $72.00 price objective on Pinnacle Financial Partners and gave the stock a “buy” rating in a research report on Tuesday, October 2nd. Finally, Raymond James cut their price objective on Pinnacle Financial Partners from $72.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, October 18th.

Shares of PNFP stock traded down $0.70 during trading hours on Monday, reaching $53.25. The company’s stock had a trading volume of 223,846 shares, compared to its average volume of 761,281. The firm has a market cap of $4.17 billion, a P/E ratio of 14.92, a P/E/G ratio of 0.71 and a beta of 1.12. Pinnacle Financial Partners has a one year low of $49.92 and a one year high of $69.95. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.97 and a current ratio of 0.97.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $1.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.02. The firm had revenue of $240.90 million for the quarter, compared to analyst estimates of $236.67 million. Pinnacle Financial Partners had a return on equity of 9.09% and a net margin of 26.97%. During the same period last year, the company earned $0.90 EPS. As a group, equities analysts predict that Pinnacle Financial Partners will post 4.71 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Friday, November 2nd will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend is Thursday, November 1st. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.14. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 17.93%.

In other news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 28th. The stock was sold at an average price of $64.21, for a total value of $102,736.00. Following the completion of the transaction, the insider now owns 29,575 shares in the company, valued at approximately $1,899,010.75. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 3.39% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PNFP. Legal & General Group Plc lifted its stake in shares of Pinnacle Financial Partners by 17.9% in the 1st quarter. Legal & General Group Plc now owns 84,630 shares of the financial services provider’s stock valued at $5,434,000 after purchasing an additional 12,823 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Pinnacle Financial Partners by 4.1% in the 1st quarter. Principal Financial Group Inc. now owns 319,530 shares of the financial services provider’s stock valued at $20,514,000 after purchasing an additional 12,617 shares during the period. Brown Advisory Inc. purchased a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at approximately $345,000. State of Alaska Department of Revenue lifted its stake in shares of Pinnacle Financial Partners by 58.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 9,310 shares of the financial services provider’s stock valued at $571,000 after purchasing an additional 3,450 shares during the period. Finally, Fenimore Asset Management Inc. lifted its stake in shares of Pinnacle Financial Partners by 0.6% in the 2nd quarter. Fenimore Asset Management Inc. now owns 355,536 shares of the financial services provider’s stock valued at $21,812,000 after purchasing an additional 2,295 shares during the period. Institutional investors own 77.84% of the company’s stock.

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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