Pinnacle Financial Partners (PNFP) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research cut shares of Pinnacle Financial Partners (NASDAQ:PNFP) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.
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. “
Other equities analysts have also recently issued reports about the company. SunTrust Banks restated a buy rating and issued a $74.00 target price on shares of Pinnacle Financial Partners in a report on Friday, October 20th. Piper Jaffray Companies restated a buy rating and issued a $74.00 target price on shares of Pinnacle Financial Partners in a report on Thursday, October 19th. Hilliard Lyons upgraded Pinnacle Financial Partners from a neutral rating to a buy rating in a report on Wednesday, November 8th. Sandler O’Neill set a $76.00 price target on Pinnacle Financial Partners and gave the company a buy rating in a report on Thursday, January 18th. Finally, BidaskClub upgraded Pinnacle Financial Partners from a sell rating to a hold rating in a report on Wednesday, December 20th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. Pinnacle Financial Partners currently has a consensus rating of Buy and a consensus target price of $76.14.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, January 16th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.03. The business had revenue of $211.20 million for the quarter, compared to analysts’ expectations of $224.62 million. Pinnacle Financial Partners had a return on equity of 7.24% and a net margin of 22.27%. The company’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.83 EPS. sell-side analysts expect that Pinnacle Financial Partners will post 4.7 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Friday, February 2nd will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, February 1st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.88%. Pinnacle Financial Partners’s dividend payout ratio is 20.00%.
In other news, Vice Chairman Ronald L. Samuel sold 3,000 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $65.96, for a total transaction of $197,880.00. Following the transaction, the insider now owns 52,794 shares in the company, valued at $3,482,292.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO M Terry Turner sold 31,171 shares of Pinnacle Financial Partners stock in a transaction on Monday, January 8th. The shares were sold at an average price of $67.11, for a total value of $2,091,885.81. Following the transaction, the chief executive officer now owns 489,701 shares in the company, valued at approximately $32,863,834.11. The disclosure for this sale can be found here. Insiders have sold 57,044 shares of company stock worth $3,791,760 in the last quarter. 5.41% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of PNFP. Advisor Group Inc. grew its holdings in shares of 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 valued at $144,000 after buying an additional 291 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in Pinnacle Financial Partners by 49.6% in the second quarter. Parametric Portfolio Associates LLC now owns 61,404 shares of the financial services provider’s stock valued at $3,856,000 after purchasing an additional 20,369 shares in the last quarter. Balyasny Asset Management LLC purchased a new position in Pinnacle Financial Partners in the second quarter valued at about $245,000. HighTower Advisors LLC grew its stake in Pinnacle Financial Partners by 3.9% in the second quarter. HighTower Advisors LLC now owns 5,820 shares of the financial services provider’s stock valued at $366,000 after purchasing an additional 220 shares in the last quarter. Finally, State Street Corp grew its stake in Pinnacle Financial Partners by 42.8% in the second quarter. State Street Corp now owns 2,733,336 shares of the financial services provider’s stock valued at $171,658,000 after purchasing an additional 819,858 shares in the last quarter. Institutional investors and hedge funds own 72.60% of the company’s stock.
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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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