Pinnacle Financial Partners (PNFP) Rating Increased to Buy at BidaskClub

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BidaskClub upgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP) from a hold rating to a buy rating in a research note published on Saturday morning.

PNFP has been the subject of a number of other reports. ValuEngine raised shares of Pinnacle Financial Partners from a sell rating to a hold rating in a research note on Thursday, June 21st. Hovde Group reaffirmed an outperform rating and issued a $75.00 target price (up from $72.00) on shares of Pinnacle Financial Partners in a research note on Friday, June 8th. Finally, Zacks Investment Research cut shares of Pinnacle Financial Partners from a buy rating to a hold rating in a research note on Friday, April 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $72.75.

Shares of PNFP opened at $66.20 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.98. Pinnacle Financial Partners has a 1-year low of $58.40 and a 1-year high of $69.95. The company has a market cap of $5.07 billion, a PE ratio of 18.53, a price-to-earnings-growth ratio of 0.99 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 17th. The financial services provider reported $1.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.01. Pinnacle Financial Partners had a net margin of 25.54% and a return on equity of 8.59%. The business had revenue of $230.20 million during the quarter, compared to analysts’ expectations of $229.16 million. During the same period last year, the company posted $0.84 EPS. The company’s revenue was up 62.5% on a year-over-year basis. sell-side analysts expect that Pinnacle Financial Partners will post 4.71 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 31st. Shareholders of record on Friday, August 3rd will be paid a $0.14 dividend. The ex-dividend date is Thursday, August 2nd. This represents a $0.56 annualized dividend and a yield of 0.85%. Pinnacle Financial Partners’s payout ratio is currently 15.69%.

In other Pinnacle Financial Partners news, Vice Chairman Ronald L. Samuel sold 1,600 shares of Pinnacle Financial Partners stock in a transaction that occurred on 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 sale, the insider now directly owns 31,175 shares of the company’s stock, valued at approximately $1,960,907.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, May 29th. The stock was sold at an average price of $66.40, for a total transaction of $199,200.00. Following the completion of the sale, the insider now directly owns 34,685 shares of the company’s stock, valued at $2,303,084. The disclosure for this sale can be found here. Insiders sold a total of 6,200 shares of company stock valued at $401,168 over the last ninety days. 3.39% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Green Square Capital LLC purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter valued at $771,000. Nomura Holdings Inc. purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter valued at $463,000. Davy Asset Management Ltd purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter valued at $657,000. Qube Research & Technologies Ltd purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter valued at $133,000. Finally, Waddell & Reed Financial Inc. grew its stake in shares of Pinnacle Financial Partners by 8.4% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 257,653 shares of the financial services provider’s stock valued at $15,807,000 after buying an additional 20,014 shares during the period. 76.90% of the stock is owned by hedge funds and other institutional investors.

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.

Further Reading: Diversification

Analyst Recommendations for Pinnacle Financial Partners (NASDAQ:PNFP)

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