Pinnacle Financial Partners (NASDAQ:PNFP) Cut to Hold at Zacks Investment Research

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Zacks Investment Research downgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP) from a buy rating to a hold rating in a research note released on Friday morning, Zacks.com reports.

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. “

Several other brokerages have also issued reports on PNFP. BidaskClub upgraded shares of Pinnacle Financial Partners from a sell rating to a hold rating in a report on Tuesday, September 10th. Stephens restated a hold rating and issued a $63.00 price objective on shares of Pinnacle Financial Partners in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. Pinnacle Financial Partners presently has an average rating of Hold and a consensus target price of $61.33.

Shares of PNFP stock opened at $57.95 on Friday. The company’s 50-day moving average price is $54.92 and its 200-day moving average price is $56.20. 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 stock has a market cap of $4.39 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 0.77 and a beta of 1.43. Pinnacle Financial Partners has a twelve month low of $43.23 and a twelve month high of $64.85.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.14. The firm had revenue of $259.60 million for the quarter, compared to analysts’ expectations of $252.44 million. Pinnacle Financial Partners had a net margin of 30.46% and a return on equity of 9.82%. The company’s revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.15 EPS. As a group, equities research analysts predict that Pinnacle Financial Partners will post 5.28 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were issued a $0.16 dividend. The ex-dividend date was Thursday, August 1st. This represents a $0.64 annualized dividend and a yield of 1.10%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 13.50%.

In related news, Vice Chairman Ronald L. Samuel sold 500 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $60.48, for a total value of $30,240.00. Following the sale, the insider now directly owns 22,175 shares in the company, valued at approximately $1,341,144. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David B. Ingram acquired 20,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average price of $54.28 per share, for a total transaction of $1,085,600.00. Following the completion of the acquisition, the director now owns 54,067 shares in the company, valued at approximately $2,934,756.76. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 61,469 shares of company stock worth $3,500,349. 2.97% of the stock is owned by insiders.

Large investors have recently modified their holdings of the business. Laurel Wealth Advisors LLC purchased a new stake in Pinnacle Financial Partners during the second quarter worth about $33,000. CENTRAL TRUST Co increased its stake in Pinnacle Financial Partners by 376.7% during the second quarter. CENTRAL TRUST Co now owns 715 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 565 shares during the period. Prime Capital Investment Advisors LLC purchased a new stake in Pinnacle Financial Partners during the second quarter worth about $68,000. Valeo Financial Advisors LLC increased its stake in Pinnacle Financial Partners by 66.7% during the second quarter. Valeo Financial Advisors LLC now owns 1,197 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 479 shares during the period. Finally, Gradient Investments LLC purchased a new stake in Pinnacle Financial Partners during the second quarter worth about $79,000. Institutional investors own 79.68% 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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