Zacks Investment Research cut shares of Pinnacle Financial Partners (NASDAQ:PNFP) from a buy rating to a hold rating in a research note released 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 research firms also recently issued reports on PNFP. Wells Fargo & Co initiated coverage on Pinnacle Financial Partners in a research report on Thursday, December 21st. They issued an outperform rating and a $80.00 target price on the stock. BidaskClub raised Pinnacle Financial Partners from a sell rating to a hold rating in a research report on Wednesday, December 20th. Piper Jaffray Companies reissued a buy rating and issued a $74.00 target price on shares of Pinnacle Financial Partners in a research report on Thursday, October 19th. 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 report on Friday, October 20th. Finally, Stephens raised Pinnacle Financial Partners from an equal weight rating to an overweight rating in a research report on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $76.14.
Pinnacle Financial Partners (PNFP) opened at $65.90 on Wednesday. The stock has a market capitalization of $4,983.11, a price-to-earnings ratio of 23.54, a PEG ratio of 0.97 and a beta of 1.13. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 0.48. Pinnacle Financial Partners has a 12-month low of $58.40 and a 12-month high of $71.55.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, January 16th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, beating the 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 firm had revenue of $211.20 million for the quarter, compared to the consensus estimate of $224.62 million. During the same period in the prior year, the firm earned $0.83 EPS. The firm’s revenue was down 2.3% on a year-over-year basis. equities research analysts anticipate that Pinnacle Financial Partners will post 4.72 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Friday, February 2nd will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 0.85%. The ex-dividend date of this dividend is Thursday, February 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 20.00%.
In other Pinnacle Financial Partners news, CEO M Terry Turner sold 31,171 shares of the stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $67.11, for a total transaction of $2,091,885.81. Following the sale, the chief executive officer now directly owns 489,701 shares of the company’s stock, valued at approximately $32,863,834.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ed C. Loughry, Jr. sold 1,873 shares of the stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $64.30, for a total value of $120,433.90. Following the sale, the director now directly owns 95,109 shares in the company, valued at $6,115,508.70. 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 over the last ninety days. 5.41% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Whittier Trust Co. acquired a new stake in Pinnacle Financial Partners during the 4th quarter worth about $119,000. Tower Research Capital LLC TRC grew its position in Pinnacle Financial Partners by 252.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,929 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 1,381 shares during the period. Advisor Group Inc. grew its position in Pinnacle Financial Partners by 14.5% during the 2nd quarter. Advisor Group Inc. now owns 2,294 shares of the financial services provider’s stock worth $144,000 after purchasing an additional 291 shares during the period. Benjamin F. Edwards & Company Inc. grew its position in Pinnacle Financial Partners by 130.0% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 2,300 shares of the financial services provider’s stock worth $152,000 after purchasing an additional 1,300 shares during the period. Finally, Brightworth acquired a new stake in Pinnacle Financial Partners during the 3rd quarter worth about $241,000. 72.60% of the stock is currently owned by institutional investors.
Pinnacle Financial Partners Company Profile
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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