Pinnacle Financial Partners, Inc. (PNFP) Given Consensus Rating of “Hold” by Brokerages
Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has received an average rating of “Hold” from the six brokerages that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $65.00.
Several research analysts have weighed in on the company. BidaskClub upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, June 9th. Stephens reiterated a “hold” rating and issued a $71.00 target price on shares of Pinnacle Financial Partners in a research note on Thursday, July 20th. Finally, Hilliard Lyons reiterated a “neutral” rating and issued a $69.00 target price (down from $71.00) on shares of Pinnacle Financial Partners in a research note on Saturday, April 22nd.
In other news, Vice Chairman Ronald L. Samuel sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $62.08, for a total value of $186,240.00. Following the completion of the sale, the insider now directly owns 67,794 shares of the company’s stock, valued at approximately $4,208,651.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph C. Galante purchased 1,000 shares of Pinnacle Financial Partners stock in a transaction dated Wednesday, May 31st. The stock was acquired at an average cost of $59.73 per share, with a total value of $59,730.00. Following the completion of the acquisition, the director now directly owns 18,511 shares in the company, valued at $1,105,662.03. The disclosure for this purchase can be found here. Over the last three months, insiders bought 1,425 shares of company stock valued at $86,180 and sold 107,480 shares valued at $6,962,234. 5.41% of the stock is owned by company insiders.
Several hedge funds have recently bought and sold shares of PNFP. Vanguard Group Inc. boosted its stake in Pinnacle Financial Partners by 42.6% in the second quarter. Vanguard Group Inc. now owns 5,840,702 shares of the financial services provider’s stock valued at $366,796,000 after buying an additional 1,746,012 shares in the last quarter. BlackRock Inc. boosted its stake in Pinnacle Financial Partners by 2.8% in the second quarter. BlackRock Inc. now owns 5,788,167 shares of the financial services provider’s stock valued at $363,496,000 after buying an additional 155,620 shares in the last quarter. State Street Corp boosted its stake in Pinnacle Financial Partners by 27.0% in the first quarter. State Street Corp now owns 1,913,478 shares of the financial services provider’s stock valued at $127,146,000 after buying an additional 406,536 shares in the last quarter. Franklin Resources Inc. boosted its stake in Pinnacle Financial Partners by 186.2% in the second quarter. Franklin Resources Inc. now owns 1,720,468 shares of the financial services provider’s stock valued at $108,045,000 after buying an additional 1,119,331 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Pinnacle Financial Partners by 33.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,719,514 shares of the financial services provider’s stock valued at $107,987,000 after buying an additional 428,774 shares in the last quarter. 77.76% of the stock is owned by institutional investors and hedge funds.
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Shares of Pinnacle Financial Partners (PNFP) traded down 1.15% on Friday, reaching $60.30. The company’s stock had a trading volume of 289,209 shares. The stock has a 50-day moving average price of $63.51 and a 200-day moving average price of $64.90. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of 19.37 and a beta of 1.27. Pinnacle Financial Partners has a 1-year low of $49.40 and a 1-year high of $71.85.
Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.04. Pinnacle Financial Partners had a return on equity of 7.67% and a net margin of 27.36%. The company had revenue of $141.70 million for the quarter, compared to the consensus estimate of $130.23 million. During the same period last year, the business posted $0.75 EPS. The company’s revenue was up 31.4% on a year-over-year basis. On average, equities research analysts forecast that Pinnacle Financial Partners will post $3.46 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 4th will be issued a $0.14 dividend. The ex-dividend date is Wednesday, August 2nd. This represents a $0.56 annualized dividend and a dividend yield of 0.93%. Pinnacle Financial Partners’s dividend payout ratio is currently 18.01%.
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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