UBS Group Upgrades Pinnacle Financial Partners (PNFP) to “Neutral”
UBS Group upgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP) from a sell rating to a neutral rating in a research note published on Tuesday, www.benzinga.com reports. The brokerage currently has $50.00 price objective on the financial services provider’s stock.
Other analysts also recently issued reports about the stock. Stephens reaffirmed a buy rating and set a $74.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, October 3rd. Wells Fargo & Co set a $72.00 price objective on shares of Pinnacle Financial Partners and gave the stock a buy rating in a report on Tuesday, October 2nd. ValuEngine downgraded shares of Pinnacle Financial Partners from a sell rating to a strong sell rating in a report on Wednesday, October 17th. BidaskClub downgraded shares of Pinnacle Financial Partners from a sell rating to a strong sell rating in a report on Wednesday, October 24th. Finally, Zacks Investment Research cut shares of Pinnacle Financial Partners from a hold rating to a sell rating in a research report on Tuesday, September 25th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company’s stock. Pinnacle Financial Partners presently has a consensus rating of Buy and an average price target of $65.75.
Shares of NASDAQ PNFP traded up $0.37 during trading hours on Tuesday, hitting $51.69. 137,524 shares of the stock were exchanged, compared to its average volume of 516,273. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.51. The company has a market cap of $3.98 billion, a P/E ratio of 14.48, a P/E/G ratio of 0.72 and a beta of 1.30. Pinnacle Financial Partners has a one year low of $43.23 and a one year high of $69.85.
In related news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the stock in a transaction dated Tuesday, November 27th. The shares were sold at an average price of $55.96, for a total transaction of $89,536.00. Following the completion of the sale, the insider now owns 26,375 shares in the company, valued at approximately $1,475,945. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.39% of the company’s stock.
Several institutional investors have recently made changes to their positions in PNFP. Qube Research & Technologies Ltd acquired a new stake in Pinnacle Financial Partners in the 2nd quarter valued at about $133,000. Captrust Financial Advisors boosted its stake in shares of Pinnacle Financial Partners by 2,473.7% in the 3rd quarter. Captrust Financial Advisors now owns 3,423 shares of the financial services provider’s stock valued at $206,000 after purchasing an additional 3,290 shares during the last quarter. Paloma Partners Management Co bought a new position in shares of Pinnacle Financial Partners in the 2nd quarter valued at about $209,000. IFP Advisors Inc boosted its stake in shares of Pinnacle Financial Partners by 72.3% in the 3rd quarter. IFP Advisors Inc now owns 5,159 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 2,164 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Pinnacle Financial Partners by 17.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 5,758 shares of the financial services provider’s stock valued at $353,000 after purchasing an additional 875 shares during the last quarter. Institutional investors and hedge funds own 79.24% of the company’s stock.
About Pinnacle Financial Partners
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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