Pinnacle Financial Partners, Inc. (PNFP) Rating Lowered to Sell at Zacks Investment Research

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a report released on Wednesday.

According to Zacks, “Pinnacle Financial Partners, Inc. is a bank holding company which owns 100% of the capital stock of Pinnacle National Bank, a national bank operating in the Nashville, Tennessee metropolitan area. “

Several other brokerages also recently commented on PNFP. SunTrust Banks, Inc. reissued a “buy” rating and issued a $73.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, October 4th. Piper Jaffray Companies reissued an “overweight” rating and issued a $72.00 target price on shares of Pinnacle Financial Partners in a report on Thursday, October 5th. Stephens reissued a “hold” rating and issued a $71.00 target price on shares of Pinnacle Financial Partners in a report on Thursday, July 20th. BidaskClub downgraded Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Finally, Hilliard Lyons raised Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 target price on the stock in a report on Wednesday, August 23rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus target price of $68.40.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.80 by $0.04. The business had revenue of $141.70 million for the quarter, compared to the consensus estimate of $130.23 million. Pinnacle Financial Partners had a return on equity of 7.67% and a net margin of 27.36%. Pinnacle Financial Partners’s revenue was up 31.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.75 EPS.

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In other Pinnacle Financial Partners news, CEO M Terry Turner sold 101,480 shares of the company’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $64.82, for a total transaction of $6,577,933.60. Following the transaction, the chief executive officer now owns 538,441 shares of the company’s stock, valued at approximately $34,901,745.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $66.02, for a total value of $198,060.00. Following the transaction, the insider now directly owns 64,794 shares in the company, valued at approximately $4,277,699.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 110,480 shares of company stock worth $7,150,574. Company insiders own 5.41% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. Alps Advisors Inc. lifted its holdings in Pinnacle Financial Partners by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 7,121 shares of the financial services provider’s stock worth $447,000 after buying an additional 19 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in Pinnacle Financial Partners by 1.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 6,557 shares of the financial services provider’s stock worth $436,000 after buying an additional 80 shares in the last quarter. M&T Bank Corp lifted its holdings in Pinnacle Financial Partners by 5.3% during the 2nd quarter. M&T Bank Corp now owns 3,799 shares of the financial services provider’s stock worth $238,000 after buying an additional 191 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. lifted its holdings in Pinnacle Financial Partners by 2.7% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 7,854 shares of the financial services provider’s stock worth $493,000 after buying an additional 209 shares in the last quarter. Finally, HighTower Advisors LLC lifted its holdings in Pinnacle Financial Partners by 3.9% during the 2nd quarter. HighTower Advisors LLC now owns 5,820 shares of the financial services provider’s stock worth $366,000 after buying an additional 220 shares in the last quarter. 69.28% of the stock is currently owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Pinnacle Financial Partners (NASDAQ:PNFP)

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