Pinnacle Financial Partners, Inc. (PNFP) Upgraded by Hilliard Lyons to “Buy”
Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) was upgraded by Hilliard Lyons from a “neutral” rating to a “buy” rating in a research note issued on Wednesday.
PNFP has been the topic of several other reports. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $74.00 price target on shares of Pinnacle Financial Partners in a research note on Friday, October 20th. Piper Jaffray Companies reissued an “overweight” rating and issued a $72.00 price objective on shares of Pinnacle Financial Partners in a research report on Thursday, October 5th. BidaskClub downgraded shares of Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 8th. Zacks Investment Research downgraded shares of Pinnacle Financial Partners from a “buy” rating to a “sell” rating in a research report on Wednesday, October 11th. Finally, Stephens reissued a “hold” rating and issued a $71.00 price objective on shares of Pinnacle Financial Partners in a research report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $73.25.
Shares of Pinnacle Financial Partners (NASDAQ:PNFP) traded down $0.25 during mid-day trading on Wednesday, reaching $64.45. 46,880 shares of the company’s stock traded hands, compared to its average volume of 391,303. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.57. Pinnacle Financial Partners has a 12-month low of $50.65 and a 12-month high of $71.85. The firm has a market cap of $5,020.00, a price-to-earnings ratio of 19.43, a P/E/G ratio of 1.55 and a beta of 1.32.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.01. Pinnacle Financial Partners had a net margin of 27.41% and a return on equity of 7.36%. The firm had revenue of $216.20 million for the quarter, compared to analyst estimates of $217.13 million. During the same period in the previous year, the business earned $0.78 EPS. The company’s revenue was up 102.8% compared to the same quarter last year. equities analysts expect that Pinnacle Financial Partners will post 3.55 earnings per share for the current fiscal year.
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In related news, Director Joseph C. Galante bought 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, September 7th. The stock was acquired at an average price of $59.40 per share, with a total value of $59,400.00. Following the acquisition, the director now owns 19,011 shares of the company’s stock, valued at approximately $1,129,253.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of Pinnacle Financial Partners stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $60.45, for a total transaction of $181,350.00. Following the sale, the insider now directly owns 61,794 shares of the company’s stock, valued at approximately $3,735,447.30. The disclosure for this sale can be found here. Insiders have sold a total of 66,711 shares of company stock valued at $4,466,727 in the last ninety days. 5.41% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in PNFP. Advisor Group Inc. boosted its holdings in shares of 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 buying an additional 291 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in Pinnacle Financial Partners in the 1st quarter valued at about $151,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Pinnacle Financial Partners by 61.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,464 shares of the financial services provider’s stock valued at $155,000 after purchasing an additional 935 shares during the period. Creative Planning boosted its holdings in Pinnacle Financial Partners by 100.2% in the 2nd quarter. Creative Planning now owns 3,218 shares of the financial services provider’s stock valued at $202,000 after purchasing an additional 1,611 shares during the period. Finally, Riverhead Capital Management LLC boosted its holdings in Pinnacle Financial Partners by 149.7% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,496 shares of the financial services provider’s stock valued at $220,000 after purchasing an additional 2,096 shares during the period. 69.97% of the stock is owned by institutional investors and hedge funds.
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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