Pinnacle Financial Partners Inc. (NASDAQ:PNFP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.

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. “

PNFP has been the subject of several other research reports. Keefe, Bruyette & Woods cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $55.00 price objective for the company. in a research note on Thursday, October 20th. Sandler O’Neill cut shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating and set a $60.00 price objective for the company. in a research note on Tuesday, September 13th. Finally, Hilliard Lyons cut shares of Pinnacle Financial Partners from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $64.00 to $59.00 in a research note on Thursday, October 20th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $57.29.

Analyst Recommendations for Pinnacle Financial Partners (NASDAQ:PNFP)

Pinnacle Financial Partners (NASDAQ:PNFP) opened at 64.50 on Tuesday. The stock’s 50 day moving average is $55.87 and its 200-day moving average is $53.18. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of 23.21 and a beta of 1.20. Pinnacle Financial Partners has a 12 month low of $43.32 and a 12 month high of $66.35.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, hitting the consensus estimate of $0.78. Pinnacle Financial Partners had a net margin of 25.83% and a return on equity of 9.74%. The business earned $118.30 million during the quarter, compared to analysts’ expectations of $22.11 million. During the same quarter in the previous year, the company earned $0.66 EPS. The business’s revenue was up 9.8% on a year-over-year basis. Equities analysts anticipate that Pinnacle Financial Partners will post $2.95 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, November 25th. Shareholders of record on Friday, November 4th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 0.87%. The ex-dividend date was Wednesday, November 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 20.22%.

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In related news, Director Ed C. Loughry, Jr. sold 1,808 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $50.99, for a total transaction of $92,189.92. Following the sale, the director now directly owns 96,420 shares of the company’s stock, valued at approximately $4,916,455.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 18,333 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, November 18th. The shares were sold at an average price of $62.99, for a total transaction of $1,154,795.67. Following the sale, the chairman now directly owns 501,630 shares in the company, valued at $31,597,673.70. The disclosure for this sale can be found here. Corporate insiders own 6.30% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its stake in Pinnacle Financial Partners by 33.7% in the first quarter. Royal Bank of Canada now owns 416,831 shares of the financial services provider’s stock worth $20,450,000 after buying an additional 105,175 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in Pinnacle Financial Partners by 133.7% in the second quarter. BNP Paribas Arbitrage SA now owns 12,142 shares of the financial services provider’s stock worth $593,000 after buying an additional 6,947 shares during the last quarter. Patten & Patten Inc. TN raised its stake in Pinnacle Financial Partners by 14.1% in the second quarter. Patten & Patten Inc. TN now owns 46,802 shares of the financial services provider’s stock worth $2,286,000 after buying an additional 5,800 shares during the last quarter. Capstone Asset Management Co. raised its stake in Pinnacle Financial Partners by 10.5% in the second quarter. Capstone Asset Management Co. now owns 13,759 shares of the financial services provider’s stock worth $672,000 after buying an additional 1,310 shares during the last quarter. Finally, Copper Rock Capital Partners LLC raised its stake in Pinnacle Financial Partners by 1.6% in the second quarter. Copper Rock Capital Partners LLC now owns 402,747 shares of the financial services provider’s stock worth $19,674,000 after buying an additional 6,290 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc (Pinnacle) is a bank holding company. Pinnacle operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville and Knoxville, Tennessee. As an urban community bank, Pinnacle provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management, offered by large regional and national banks.

5 Day Chart for NASDAQ:PNFP

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