Stephens Reaffirms “Hold” Rating for Pinnacle Financial Partners (NASDAQ:PNFP)

Stephens reaffirmed their hold rating on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a research note published on Thursday, AnalystRatings.com reports. Stephens currently has a $63.00 price objective on the financial services provider’s stock.

A number of other equities analysts have also commented on PNFP. Zacks Investment Research reaffirmed a hold rating on shares of Western New England Bancorp in a research report on Saturday, June 29th. BidaskClub lowered shares of Zions Bancorporation NA from a sell rating to a strong sell rating in a research report on Wednesday, May 15th. Finally, Raymond James set a $8.00 target price on shares of Superior Energy Services and gave the stock a buy rating in a research report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Pinnacle Financial Partners has an average rating of Hold and an average price target of $61.33.

Shares of NASDAQ PNFP opened at $58.82 on Thursday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $4.53 billion, a P/E ratio of 12.41, a P/E/G ratio of 0.81 and a beta of 1.36. Pinnacle Financial Partners has a 1 year low of $43.23 and a 1 year high of $66.54. The stock has a 50-day moving average price of $56.26.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.28 by $0.14. The business had revenue of $259.60 million during the quarter, compared to the consensus estimate of $252.44 million. Pinnacle Financial Partners had a net margin of 30.46% and a return on equity of 9.82%. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.15 earnings per share. As a group, research analysts predict that Pinnacle Financial Partners will post 5.22 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 2nd will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend is Thursday, August 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 13.50%.

In related news, Director Charles E. Brock sold 2,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $56.05, for a total transaction of $112,100.00. Following the transaction, the director now directly owns 36,304 shares of the company’s stock, valued at $2,034,839.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Vice Chairman Ronald L. Samuel sold 500 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $56.61, for a total transaction of $28,305.00. Following the transaction, the insider now directly owns 22,675 shares in the company, valued at $1,283,631.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,135 shares of company stock worth $469,294. Corporate insiders own 2.97% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its holdings in Pinnacle Financial Partners by 0.8% during the first quarter. BlackRock Inc. now owns 6,778,226 shares of the financial services provider’s stock valued at $370,769,000 after buying an additional 51,123 shares during the period. Dimensional Fund Advisors LP increased its holdings in Pinnacle Financial Partners by 5.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,586,418 shares of the financial services provider’s stock valued at $73,135,000 after buying an additional 82,699 shares during the period. Victory Capital Management Inc. increased its holdings in Pinnacle Financial Partners by 0.7% during the first quarter. Victory Capital Management Inc. now owns 1,545,122 shares of the financial services provider’s stock valued at $84,518,000 after buying an additional 11,085 shares during the period. Wells Fargo & Company MN increased its holdings in Pinnacle Financial Partners by 1.6% during the first quarter. Wells Fargo & Company MN now owns 1,171,269 shares of the financial services provider’s stock valued at $64,069,000 after buying an additional 18,479 shares during the period. Finally, Wasatch Advisors Inc. increased its holdings in Pinnacle Financial Partners by 67.5% during the first quarter. Wasatch Advisors Inc. now owns 1,132,922 shares of the financial services provider’s stock valued at $61,971,000 after buying an additional 456,500 shares during the period. 80.54% of the stock is currently owned by institutional investors.

About Pinnacle Financial Partners

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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Analyst Recommendations for Pinnacle Financial Partners (NASDAQ:PNFP)

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