Pinnacle Financial Partners (PNFP) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP) from a hold rating to a buy rating in a report released on Wednesday morning. They currently have $72.00 price objective on the financial services provider’s stock.

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. “

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Several other brokerages also recently weighed in on PNFP. Piper Jaffray set a $76.00 price objective on shares of Pinnacle Financial Partners and gave the stock a buy rating in a research report on Thursday, November 30th. UBS began coverage on shares of Pinnacle Financial Partners in a report on Wednesday, March 21st. They issued a sell rating and a $56.00 target price on the stock. BidaskClub raised shares of Pinnacle Financial Partners from a sell rating to a hold rating in a report on Wednesday, December 20th. Wells Fargo began coverage on shares of Pinnacle Financial Partners in a report on Thursday, December 21st. They issued an outperform rating and a $80.00 target price on the stock. Finally, SunTrust Banks cut their target price on shares of Pinnacle Financial Partners to $80.00 and set a buy rating on the stock in a report on Thursday, January 18th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $73.13.

Shares of NASDAQ:PNFP opened at $64.20 on Wednesday. The company has a market cap of $5,000.35, a PE ratio of 18.14, a P/E/G ratio of 0.97 and a beta of 1.07. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.48. Pinnacle Financial Partners has a twelve month low of $58.40 and a twelve month high of $70.30.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.03. The business had revenue of $211.20 million during the quarter, compared to the consensus estimate of $224.62 million. Pinnacle Financial Partners had a net margin of 22.27% and a return on equity of 7.24%. The company’s revenue was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.83 EPS. equities research analysts forecast that Pinnacle Financial Partners will post 4.72 EPS for the current year.

In other news, CFO Harold R. Carpenter sold 11,835 shares of Pinnacle Financial Partners stock in a transaction on Monday, March 12th. The shares were sold at an average price of $68.44, for a total value of $809,987.40. Following the transaction, the chief financial officer now directly owns 99,021 shares of the company’s stock, valued at approximately $6,776,997.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 27th. The shares were sold at an average price of $63.03, for a total transaction of $189,090.00. Following the completion of the transaction, the insider now directly owns 40,375 shares in the company, valued at $2,544,836.25. The disclosure for this sale can be found here. Insiders sold a total of 133,882 shares of company stock worth $9,000,201 over the last ninety days. Corporate insiders own 3.39% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in PNFP. Nationwide Fund Advisors increased its stake in Pinnacle Financial Partners by 0.9% in the 3rd quarter. Nationwide Fund Advisors now owns 199,445 shares of the financial services provider’s stock valued at $13,353,000 after buying an additional 1,852 shares during the period. Prudential Financial Inc. increased its stake in Pinnacle Financial Partners by 4.4% in the 3rd quarter. Prudential Financial Inc. now owns 46,402 shares of the financial services provider’s stock valued at $3,107,000 after buying an additional 1,950 shares during the period. Sei Investments Co. increased its stake in Pinnacle Financial Partners by 475.3% in the 3rd quarter. Sei Investments Co. now owns 25,187 shares of the financial services provider’s stock valued at $1,687,000 after buying an additional 20,809 shares during the period. Advisor Group Inc. increased its stake in Pinnacle Financial Partners by 33.8% in the 3rd quarter. Advisor Group Inc. now owns 3,069 shares of the financial services provider’s stock valued at $206,000 after buying an additional 775 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in Pinnacle Financial Partners by 128.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 32,469 shares of the financial services provider’s stock valued at $2,173,000 after buying an additional 18,275 shares during the period. 72.14% of the stock is currently owned by institutional investors.

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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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