Pinnacle Financial Partners, Inc. (PNFP) Given Consensus Recommendation of “Hold” by Brokerages
Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have been given a consensus rating of “Hold” by the six research firms that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $65.67.
A number of research firms have recently commented on PNFP. BidaskClub raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Stephens reaffirmed a “hold” rating and set a $71.00 target price on shares of Pinnacle Financial Partners in a research report on Thursday, July 20th. Finally, Hilliard Lyons raised shares of Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 target price on the stock in a research report on Wednesday, August 23rd.
Pinnacle Financial Partners (PNFP) traded up 0.75% during midday trading on Friday, reaching $66.95. 422,501 shares of the company were exchanged. The firm’s 50-day moving average is $61.92 and its 200-day moving average is $63.52. The firm has a market cap of $5.15 billion, a P/E ratio of 21.51 and a beta of 1.29. Pinnacle Financial Partners has a one year low of $49.40 and a one year high of $71.85.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.84 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.04. Pinnacle Financial Partners had a net margin of 27.36% and a return on equity of 7.67%. The company had revenue of $141.70 million for the quarter, compared to analyst estimates of $130.23 million. During the same quarter last year, the firm posted $0.75 earnings per share. The company’s quarterly revenue was up 31.4% compared to the same quarter last year. On average, equities analysts expect that Pinnacle Financial Partners will post $3.47 EPS for the current fiscal year.
In related news, Director Joseph C. Galante bought 1,000 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were acquired at an average price of $59.40 per share, with a total value of $59,400.00. Following the completion of the transaction, the director now owns 19,011 shares of the company’s stock, valued at approximately $1,129,253.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $64.41, for a total transaction of $193,230.00. Following the transaction, the insider now directly owns 58,794 shares in the company, valued at approximately $3,786,921.54. The disclosure for this sale can be found here. Insiders have sold 110,480 shares of company stock worth $7,150,574 in the last ninety days. 5.41% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Advisor Group Inc. increased its position in Pinnacle Financial Partners by 14.5% during the second quarter. Advisor Group Inc. now owns 2,294 shares of the financial services provider’s stock worth $144,000 after acquiring an additional 291 shares during the period. Oppenheimer Asset Management Inc. bought a new position in Pinnacle Financial Partners during the first quarter worth $151,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Pinnacle Financial Partners by 61.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,464 shares of the financial services provider’s stock worth $155,000 after acquiring an additional 935 shares during the period. Sei Investments Co. increased its position in Pinnacle Financial Partners by 270.5% during the first quarter. Sei Investments Co. now owns 2,638 shares of the financial services provider’s stock worth $176,000 after acquiring an additional 1,926 shares during the period. Finally, Creative Planning increased its position in Pinnacle Financial Partners by 100.2% during the second quarter. Creative Planning now owns 3,218 shares of the financial services provider’s stock worth $202,000 after acquiring an additional 1,611 shares during the period. 69.28% of the stock is currently owned by institutional investors and hedge funds.
About Pinnacle Financial Partners
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.
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