IFP Advisors Inc decreased its position in Pinnacle Financial Partners (NASDAQ:PNFP) by 30.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,308 shares of the financial services provider’s stock after selling 1,029 shares during the quarter. IFP Advisors Inc’s holdings in Pinnacle Financial Partners were worth $147,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Emerald Advisers LLC acquired a new position in Pinnacle Financial Partners in the 3rd quarter valued at about $16,026,000. Synovus Financial Corp grew its holdings in Pinnacle Financial Partners by 529.1% in the 3rd quarter. Synovus Financial Corp now owns 1,189 shares of the financial services provider’s stock valued at $68,000 after buying an additional 1,000 shares during the period. First Trust Advisors LP grew its holdings in Pinnacle Financial Partners by 33.0% in the 3rd quarter. First Trust Advisors LP now owns 252,934 shares of the financial services provider’s stock valued at $14,354,000 after buying an additional 62,695 shares during the period. Penserra Capital Management LLC purchased a new stake in Pinnacle Financial Partners in the 3rd quarter valued at about $1,727,000. Finally, Squarepoint Ops LLC grew its holdings in Pinnacle Financial Partners by 394.4% in the 3rd quarter. Squarepoint Ops LLC now owns 77,820 shares of the financial services provider’s stock valued at $4,416,000 after buying an additional 62,080 shares during the period. 78.29% of the stock is owned by hedge funds and other institutional investors.
Several research firms have commented on PNFP. BidaskClub cut Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a report on Friday. SunTrust Banks lifted their price target on Pinnacle Financial Partners from $65.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, January 2nd. Zacks Investment Research cut Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a report on Wednesday, January 8th. Finally, ValuEngine upgraded Pinnacle Financial Partners from a “strong sell” rating to a “sell” rating in a report on Tuesday, November 19th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average target price of $67.40.
Shares of NASDAQ:PNFP opened at $61.63 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.00. Pinnacle Financial Partners has a 1 year low of $50.51 and a 1 year high of $65.00. The stock has a market capitalization of $4.73 billion, a P/E ratio of 11.78, a PEG ratio of 0.71 and a beta of 1.46. The stock has a 50-day simple moving average of $63.46 and a 200-day simple moving average of $58.78.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, January 21st. The financial services provider reported $1.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.26 by $0.01. Pinnacle Financial Partners had a return on equity of 9.75% and a net margin of 30.10%. The business had revenue of $253.60 million during the quarter, compared to analysts’ expectations of $260.00 million. During the same quarter in the previous year, the business earned $1.25 EPS. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. Analysts predict that Pinnacle Financial Partners will post 5.41 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date is Thursday, February 6th. Pinnacle Financial Partners’s payout ratio is currently 11.92%.
Pinnacle Financial Partners 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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