Pinnacle Financial Partners (PNFP) Stock Rating Upgraded by FIG Partners
FIG Partners upgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP) from a market perform rating to an outperform rating in a research report report published on Wednesday, Marketbeat.com reports.
Other equities analysts also recently issued research reports about the company. BidaskClub downgraded Pinnacle Financial Partners from a sell rating to a strong sell rating in a research note on Friday, January 26th. Sandler O’Neill set a $76.00 price target on Pinnacle Financial Partners and gave the company a buy rating in a research note on Thursday, January 18th. Zacks Investment Research downgraded Pinnacle Financial Partners from a buy rating to a hold rating in a research note on Thursday, March 29th. Stephens upgraded Pinnacle Financial Partners from an equal weight rating to an overweight rating in a research note on Monday, February 5th. Finally, Raymond James upgraded Pinnacle Financial Partners from a market perform rating to an outperform rating in a research note on Tuesday, April 10th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $72.22.
Shares of PNFP opened at $63.80 on Wednesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.01 and a quick ratio of 0.99. The stock has a market capitalization of $4,969.19, a PE ratio of 16.61, a PEG ratio of 0.84 and a beta of 1.04. Pinnacle Financial Partners has a one year low of $58.40 and a one year high of $70.30.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 25th. Shareholders of record on Friday, May 4th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, May 3rd. This represents a $0.56 annualized dividend and a dividend yield of 0.88%. Pinnacle Financial Partners’s dividend payout ratio is currently 15.69%.
In other Pinnacle Financial Partners news, Vice Chairman Ronald L. Samuel sold 3,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $63.47, for a total transaction of $190,410.00. Following the transaction, the insider now owns 46,794 shares of the company’s stock, valued at approximately $2,970,015.18. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Harold R. Carpenter sold 11,835 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $68.44, for a total transaction of $809,987.40. Following the transaction, the chief financial officer now directly owns 99,021 shares in the company, valued at approximately $6,776,997.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 102,711 shares of company stock worth $6,908,315. Insiders own 3.39% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC lifted its position in shares of Pinnacle Financial Partners by 95.7% during the 4th quarter. SG Americas Securities LLC now owns 14,871 shares of the financial services provider’s stock worth $986,000 after buying an additional 7,272 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Pinnacle Financial Partners by 1.0% in the 4th quarter. BlackRock Inc. now owns 6,050,010 shares of the financial services provider’s stock worth $401,116,000 after purchasing an additional 59,719 shares during the period. Teacher Retirement System of Texas raised its holdings in shares of Pinnacle Financial Partners by 319.8% in the 4th quarter. Teacher Retirement System of Texas now owns 25,303 shares of the financial services provider’s stock worth $1,678,000 after purchasing an additional 19,276 shares during the period. MUFG Americas Holdings Corp bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $485,000. Finally, Alliancebernstein L.P. raised its holdings in shares of Pinnacle Financial Partners by 232.0% in the 4th quarter. Alliancebernstein L.P. now owns 540,977 shares of the financial services provider’s stock worth $35,867,000 after purchasing an additional 378,050 shares during the period. 72.17% of the stock is currently owned by hedge funds and other institutional investors.
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Pinnacle Financial Partners Company Profile
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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