Pinnacle Financial Partners (PNFP) Downgraded by BidaskClub to Hold
Pinnacle Financial Partners (NASDAQ:PNFP) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
Several other research analysts have also recently issued reports on PNFP. ValuEngine cut shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a report on Friday, June 29th. Hovde Group reaffirmed an “outperform” rating on shares of Pinnacle Financial Partners in a report on Thursday, July 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $72.75.
Shares of NASDAQ PNFP opened at $64.40 on Wednesday. Pinnacle Financial Partners has a 1 year low of $58.40 and a 1 year high of $69.95. The stock has a market cap of $5.01 billion, a P/E ratio of 18.04, a price-to-earnings-growth ratio of 0.98 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.98.
In other Pinnacle Financial Partners news, Vice Chairman Ronald L. Samuel sold 1,600 shares of Pinnacle Financial Partners stock in a transaction dated Tuesday, July 24th. The shares were sold at an average price of $62.90, for a total value of $100,640.00. Following the completion of the transaction, the insider now directly owns 31,175 shares of the company’s stock, valued at $1,960,907.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 4,800 shares of company stock valued at $304,704 over the last ninety days. Corporate insiders own 3.39% of the company’s stock.
Several hedge funds have recently made changes to their positions in PNFP. Renaissance Technologies LLC bought a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth approximately $1,094,000. HL Financial Services LLC grew its stake in shares of Pinnacle Financial Partners by 22.1% in the first quarter. HL Financial Services LLC now owns 10,110 shares of the financial services provider’s stock worth $649,000 after acquiring an additional 1,830 shares during the period. Hennessy Advisors Inc. bought a new stake in shares of Pinnacle Financial Partners in the first quarter worth approximately $966,000. NJ State Employees Deferred Compensation Plan grew its stake in shares of Pinnacle Financial Partners by 20.0% in the first quarter. NJ State Employees Deferred Compensation Plan now owns 12,000 shares of the financial services provider’s stock worth $770,000 after acquiring an additional 2,000 shares during the period. Finally, Wells Fargo & Company MN grew its stake in shares of Pinnacle Financial Partners by 27.9% in the first quarter. Wells Fargo & Company MN now owns 1,023,711 shares of the financial services provider’s stock worth $65,722,000 after acquiring an additional 223,529 shares during the period. Hedge funds and other institutional investors own 77.89% of the company’s stock.
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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