Pinnacle Financial Partners (NASDAQ:PNFP) Lifted to Hold at ValuEngine

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Pinnacle Financial Partners (NASDAQ:PNFP) was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating in a report issued on Thursday, June 21st.

Several other research firms have also recently weighed in on PNFP. UBS Group began coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, March 21st. They set a “sell” rating and a $56.00 price objective for the company. BidaskClub raised shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating in a research note on Tuesday, May 22nd. Hovde Group reaffirmed an “outperform” rating and issued a $75.00 price objective (up from $72.00) on shares of Pinnacle Financial Partners in a research note on Friday, June 8th. Zacks Investment Research downgraded shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Thursday, April 5th. Finally, Raymond James upgraded shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $72.56.

Shares of Pinnacle Financial Partners opened at $61.35 on Thursday, MarketBeat.com reports. The company has a market cap of $4.82 billion, a PE ratio of 16.12, a PEG ratio of 0.93 and a beta of 1.05. Pinnacle Financial Partners has a 1-year low of $58.40 and a 1-year high of $69.95. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.65.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Monday, April 16th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.03. Pinnacle Financial Partners had a net margin of 24.09% and a return on equity of 7.52%. The business had revenue of $218.60 million during the quarter, compared to analysts’ expectations of $220.48 million. During the same period in the prior year, the company earned $0.83 EPS. The firm’s quarterly revenue was up 83.5% compared to the same quarter last year. research analysts forecast that Pinnacle Financial Partners will post 4.74 earnings per share for the current year.

In other Pinnacle Financial Partners news, Chairman Richard D. Callicutt II sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 15th. The shares were sold at an average price of $65.56, for a total transaction of $1,311,200.00. Following the transaction, the chairman now directly owns 168,741 shares of the company’s stock, valued at approximately $11,062,659.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gary L. Scott sold 900 shares of the business’s stock in a transaction on Tuesday, May 22nd. The shares were sold at an average price of $68.39, for a total transaction of $61,551.00. Following the sale, the director now owns 42,419 shares in the company, valued at approximately $2,901,035.41. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,500 shares of company stock valued at $1,868,549. Company insiders own 3.39% of the company’s stock.

Several hedge funds have recently made changes to their positions in PNFP. Bank of Montreal Can boosted its holdings in shares of Pinnacle Financial Partners by 104.6% during the 4th quarter. Bank of Montreal Can now owns 6,393 shares of the financial services provider’s stock valued at $425,000 after buying an additional 3,268 shares in the last quarter. Aperio Group LLC boosted its stake in Pinnacle Financial Partners by 20.8% in the 4th quarter. Aperio Group LLC now owns 13,106 shares of the financial services provider’s stock worth $869,000 after purchasing an additional 2,256 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in 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 in the last quarter. California Public Employees Retirement System boosted its stake in Pinnacle Financial Partners by 4.1% in the 4th quarter. California Public Employees Retirement System now owns 274,214 shares of the financial services provider’s stock worth $18,180,000 after purchasing an additional 10,826 shares in the last quarter. Finally, Swiss National Bank boosted its stake in Pinnacle Financial Partners by 2.1% in the 4th quarter. Swiss National Bank now owns 125,661 shares of the financial services provider’s stock worth $8,331,000 after purchasing an additional 2,600 shares in the last quarter. Hedge funds and other institutional investors own 76.31% 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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Analyst Recommendations for Pinnacle Financial Partners (NASDAQ:PNFP)

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