Stephens cut shares of Pinnacle Financial Partners (NASDAQ:PNFP) from an overweight rating to an equal weight rating in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have $62.00 target price on the financial services provider’s stock.
Several other equities analysts also recently commented on PNFP. BidaskClub downgraded shares of Zions Bancorporation NA from a sell rating to a strong sell rating in a report on Wednesday, May 15th. Zacks Investment Research reaffirmed a hold rating on shares of Western New England Bancorp in a research note on Saturday, June 29th. Finally, Raymond James set a $8.00 price target on shares of Superior Energy Services and gave the company a buy rating in a research note on Wednesday, April 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $61.17.
PNFP stock opened at $56.49 on Tuesday. Pinnacle Financial Partners has a one year low of $43.23 and a one year high of $66.54. The stock has a fifty day moving average of $55.81. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 1.00. The stock has a market capitalization of $4.31 billion, a P/E ratio of 11.92, a PEG ratio of 0.79 and a beta of 1.36.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Monday, April 15th. The financial services provider reported $1.24 EPS for the quarter, topping the consensus estimate of $1.21 by $0.03. Pinnacle Financial Partners had a net margin of 30.80% and a return on equity of 9.53%. The firm had revenue of $238.30 million for the quarter, compared to the consensus estimate of $246.03 million. During the same quarter in the previous year, the firm earned $1.13 earnings per share. The company’s quarterly revenue was up 9.0% compared to the same quarter last year. As a group, equities analysts expect that Pinnacle Financial Partners will post 5.08 EPS for the current fiscal year.
In other Pinnacle Financial Partners news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the business’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $56.74, for a total transaction of $90,784.00. Following the transaction, the insider now owns 24,253 shares in the company, valued at $1,376,115.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Ronald L. Samuel sold 500 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $56.61, for a total transaction of $28,305.00. Following the transaction, the insider now owns 22,675 shares in the company, valued at approximately $1,283,631.75. The disclosure for this sale can be found here. Insiders have sold 8,135 shares of company stock worth $469,294 in the last quarter. Company insiders own 2.97% of the company’s stock.
A number of hedge funds have recently bought and sold shares of PNFP. Wasatch Advisors Inc. grew its holdings in shares of Pinnacle Financial Partners by 67.5% in the first quarter. Wasatch Advisors Inc. now owns 1,132,922 shares of the financial services provider’s stock worth $61,971,000 after purchasing an additional 456,500 shares during the last quarter. Norges Bank bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $19,508,000. Nuveen Asset Management LLC bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $10,458,000. BlackRock Inc. grew its holdings in shares of Pinnacle Financial Partners by 3.3% in the fourth quarter. BlackRock Inc. now owns 6,727,103 shares of the financial services provider’s stock worth $310,120,000 after purchasing an additional 214,958 shares during the last quarter. Finally, Chartwell Investment Partners LLC grew its holdings in shares of Pinnacle Financial Partners by 327.5% in the first quarter. Chartwell Investment Partners LLC now owns 227,634 shares of the financial services provider’s stock worth $12,452,000 after purchasing an additional 174,381 shares during the last quarter. Institutional investors and hedge funds own 80.54% 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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