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

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

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

NASDAQ PNFP traded down $0.66 during trading on Wednesday, hitting $59.15. The company had a trading volume of 4,091 shares, compared to its average volume of 413,784. 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 one year low of $43.23 and a one year high of $61.60. The company has a market cap of $4.64 billion, a price-to-earnings ratio of 12.51, a price-to-earnings-growth ratio of 0.70 and a beta of 1.43. The company’s fifty day moving average is $57.91 and its 200-day moving average is $56.52.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 business 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 business earned $1.21 EPS. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. As a group, equities analysts anticipate that Pinnacle Financial Partners will post 5.34 EPS for the current year.

In related news, CEO M Terry Turner sold 47,174 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $56.96, for a total transaction of $2,687,031.04. Following the sale, the chief executive officer now directly owns 365,197 shares of the company’s stock, valued at approximately $20,801,621.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard D. Callicutt II sold 21,841 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $60.42, for a total transaction of $1,319,633.22. Following the transaction, the chairman now owns 112,645 shares in the company, valued at approximately $6,806,010.90. The disclosure for this sale can be found here. Insiders sold a total of 106,576 shares of company stock worth $6,213,470 over the last ninety days. Insiders own 2.97% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cerebellum GP LLC purchased a new position in shares of Pinnacle Financial Partners in the third quarter valued at $29,000. Laurel Wealth Advisors LLC bought a new stake in shares of Pinnacle Financial Partners during the second quarter worth $33,000. CENTRAL TRUST Co lifted its position in shares of 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 last quarter. Prime Capital Investment Advisors LLC bought a new stake in shares of Pinnacle Financial Partners during the second quarter worth $68,000. Finally, Synovus Financial Corp lifted its position in shares of Pinnacle Financial Partners by 529.1% during the third quarter. Synovus Financial Corp now owns 1,189 shares of the financial services provider’s stock worth $68,000 after purchasing an additional 1,000 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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