Pinnacle Financial Partners (NASDAQ:PNFP) Downgraded by BidaskClub to Hold

Pinnacle Financial Partners (NASDAQ:PNFP) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Wednesday, BidAskClub reports.

Other analysts have also issued reports about the stock. JPMorgan Chase & Co. assumed coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 18th. They set a “neutral” rating and a $62.00 price objective for the company. ValuEngine lowered shares of Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research note on Monday, October 21st. Stephens reaffirmed a “hold” rating and set a $63.00 price objective on shares of Pinnacle Financial Partners in a research note on Monday, September 16th. Finally, Zacks Investment Research raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average target price of $60.83.

PNFP stock traded up $0.18 during trading on Wednesday, hitting $60.01. The company had a trading volume of 379,600 shares, compared to its average volume of 343,145. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.65. Pinnacle Financial Partners has a fifty-two week low of $43.23 and a fifty-two week high of $61.60. The firm has a market capitalization of $4.60 billion, a price-to-earnings ratio of 12.66, a P/E/G ratio of 0.70 and a beta of 1.43. The business has a 50 day moving average of $58.14 and a 200 day moving average of $56.56.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.10. Pinnacle Financial Partners had a net margin of 30.38% and a return on equity of 9.99%. The company had revenue of $278.43 million during the quarter, compared to analyst estimates of $267.58 million. During the same period in the prior year, the firm earned $1.21 earnings per share. The business’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, equities analysts predict that Pinnacle Financial Partners will post 5.35 EPS for the current year.

In other news, Director Ronald L. Samuel sold 500 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $56.38, for a total value of $28,190.00. Following the transaction, the director now owns 21,675 shares in the company, valued at approximately $1,222,036.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO M Terry Turner sold 47,174 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $56.96, for a total value of $2,687,031.04. Following the completion of the transaction, the chief executive officer now owns 365,197 shares in the company, valued at approximately $20,801,621.12. The disclosure for this sale can be found here. Insiders sold a total of 106,576 shares of company stock worth $6,213,470 in the last quarter. 2.97% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Laurion Capital Management LP acquired a new position in shares of Pinnacle Financial Partners in the 2nd quarter valued at about $991,000. Aperio Group LLC increased its holdings in Pinnacle Financial Partners by 8.1% in the second quarter. Aperio Group LLC now owns 16,002 shares of the financial services provider’s stock worth $920,000 after buying an additional 1,201 shares during the last quarter. First Trust Advisors LP increased its holdings in Pinnacle Financial Partners by 33.0% in the third quarter. First Trust Advisors LP now owns 252,934 shares of the financial services provider’s stock worth $14,354,000 after buying an additional 62,695 shares during the last quarter. Strs Ohio increased its holdings in Pinnacle Financial Partners by 0.7% in the second quarter. Strs Ohio now owns 66,112 shares of the financial services provider’s stock worth $3,800,000 after buying an additional 444 shares during the last quarter. Finally, Brinker Capital Inc. increased its holdings in Pinnacle Financial Partners by 7.7% in the third quarter. Brinker Capital Inc. now owns 42,605 shares of the financial services provider’s stock worth $2,418,000 after buying an additional 3,051 shares during the last quarter. Institutional investors own 79.87% of the company’s stock.

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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