Zacks Investment Research upgraded shares of Pinnacle Financial Partners Inc. (NASDAQ:PNFP) from a sell rating to a hold rating in a research report released on Tuesday morning.

According to Zacks, “Pinnacle Financial Partners, Inc. is a bank holding company which owns 100% of the capital stock of Pinnacle National Bank, a national bank operating in the Nashville, Tennessee metropolitan area. “

Several other equities analysts also recently issued reports on PNFP. Sandler O’Neill downgraded shares of Pinnacle Financial Partners from a buy rating to a hold rating and set a $60.00 price objective for the company. in a research note on Tuesday, September 13th. Keefe, Bruyette & Woods downgraded shares of Pinnacle Financial Partners from an outperform rating to a market perform rating and set a $55.00 price objective for the company. in a research note on Thursday, October 20th. Finally, Hilliard Lyons downgraded shares of Pinnacle Financial Partners from a buy rating to a neutral rating and decreased their price objective for the company from $64.00 to $59.00 in a research note on Thursday, October 20th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $57.29.

Pinnacle Financial Partners (NASDAQ:PNFP) opened at 64.10 on Tuesday. The firm’s 50 day moving average price is $55.87 and its 200-day moving average price is $53.18. Pinnacle Financial Partners has a 1-year low of $43.32 and a 1-year high of $66.35. The stock has a market cap of $2.92 billion, a price-to-earnings ratio of 23.07 and a beta of 1.20.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, October 18th. The financial services provider reported $0.78 EPS for the quarter, hitting analysts’ consensus estimates of $0.78. The firm earned $118.30 million during the quarter, compared to the consensus estimate of $22.11 million. Pinnacle Financial Partners had a net margin of 25.83% and a return on equity of 9.74%. The company’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.66 earnings per share. On average, equities analysts anticipate that Pinnacle Financial Partners will post $2.95 earnings per share for the current year.

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The firm also recently announced a quarterly dividend, which was paid on Friday, November 25th. Stockholders of record on Friday, November 4th were issued a $0.14 dividend. The ex-dividend date of this dividend was Wednesday, November 2nd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.87%. Pinnacle Financial Partners’s payout ratio is 20.22%.

In related news, Director Ed C. Loughry, Jr. sold 1,808 shares of the stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $50.99, for a total transaction of $92,189.92. Following the completion of the transaction, the director now directly owns 96,420 shares of the company’s stock, valued at $4,916,455.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Ronald L. Samuel sold 5,000 shares of the stock in a transaction dated Wednesday, November 23rd. The stock was sold at an average price of $65.59, for a total transaction of $327,950.00. Following the transaction, the insider now directly owns 79,794 shares of the company’s stock, valued at $5,233,688.46. The disclosure for this sale can be found here. 6.30% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of PNFP. Royal Bank of Canada boosted its position in Pinnacle Financial Partners by 33.7% in the first quarter. Royal Bank of Canada now owns 416,831 shares of the financial services provider’s stock valued at $20,450,000 after buying an additional 105,175 shares in the last quarter. Chartwell Investment Partners LLC boosted its position in shares of Pinnacle Financial Partners by 0.3% in the second quarter. Chartwell Investment Partners LLC now owns 352,305 shares of the financial services provider’s stock worth $17,210,000 after buying an additional 1,125 shares during the period. BNP Paribas Arbitrage SA boosted its position in shares of Pinnacle Financial Partners by 133.7% in the second quarter. BNP Paribas Arbitrage SA now owns 12,142 shares of the financial services provider’s stock worth $593,000 after buying an additional 6,947 shares during the period. Lee Danner & Bass Inc. boosted its position in shares of Pinnacle Financial Partners by 21.3% in the second quarter. Lee Danner & Bass Inc. now owns 28,360 shares of the financial services provider’s stock worth $1,385,000 after buying an additional 4,975 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Pinnacle Financial Partners by 4.3% in the second quarter. JPMorgan Chase & Co. now owns 144,272 shares of the financial services provider’s stock worth $7,048,000 after buying an additional 5,951 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc (Pinnacle) is a bank holding company. Pinnacle operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville and Knoxville, Tennessee. As an urban community bank, Pinnacle provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management, offered by large regional and national banks.

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