Zacks Investment Research Upgrades Pinnacle Financial Partners (NASDAQ:PNFP) to “Buy”

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Pinnacle Financial Partners (NASDAQ:PNFP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. The brokerage currently has a $69.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.75% from the stock’s current price.

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. “

PNFP has been the subject of a number of other research reports. ValuEngine upgraded Pinnacle Financial Partners from a “strong sell” rating to a “sell” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. assumed coverage on Pinnacle Financial Partners in a research note on Wednesday, September 18th. They issued a “neutral” rating and a $62.00 target price on the stock. BidaskClub cut Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. Finally, Stephens restated a “hold” rating and set a $63.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $62.00.

Shares of NASDAQ:PNFP opened at $61.20 on Tuesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.65. Pinnacle Financial Partners has a 1-year low of $43.23 and a 1-year high of $62.16. The stock has a market capitalization of $4.73 billion, a P/E ratio of 12.91, a P/E/G ratio of 0.72 and a beta of 1.45. The business has a 50-day moving average price of $59.86 and a two-hundred day moving average price of $56.80.

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

In related news, Director Thomas R. Sloan sold 6,000 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $56.42, for a total value of $338,520.00. Following the completion of the sale, the director now owns 104,425 shares in the company, valued at approximately $5,891,658.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO M Terry Turner sold 47,174 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $56.96, for a total value of $2,687,031.04. Following the sale, the chief executive officer now directly owns 365,197 shares in the company, valued at approximately $20,801,621.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 107,076 shares of company stock worth $6,244,005. Insiders own 2.97% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Arizona State Retirement System grew its position in shares of Pinnacle Financial Partners by 0.3% in the 2nd quarter. Arizona State Retirement System now owns 52,504 shares of the financial services provider’s stock valued at $3,018,000 after purchasing an additional 172 shares during the period. Woodmont Investment Counsel LLC lifted its stake in Pinnacle Financial Partners by 0.7% in the second quarter. Woodmont Investment Counsel LLC now owns 34,169 shares of the financial services provider’s stock valued at $1,964,000 after buying an additional 250 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Pinnacle Financial Partners by 6.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,479 shares of the financial services provider’s stock valued at $257,000 after buying an additional 275 shares during the period. California State Teachers Retirement System boosted its holdings in shares of Pinnacle Financial Partners by 0.3% in the third quarter. California State Teachers Retirement System now owns 119,434 shares of the financial services provider’s stock valued at $6,778,000 after buying an additional 322 shares during the period. Finally, HighTower Advisors LLC boosted its holdings in shares of Pinnacle Financial Partners by 7.6% in the second quarter. HighTower Advisors LLC now owns 4,600 shares of the financial services provider’s stock valued at $263,000 after buying an additional 325 shares during the period. Institutional investors own 78.68% of the company’s stock.

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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