JPMorgan Chase & Co. began coverage on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a research note issued to investors on Wednesday morning, BenzingaRatingsTable reports. The brokerage issued a neutral rating and a $62.00 price objective on the financial services provider’s stock.
A number of other analysts also recently issued reports on the company. Zacks Investment Research downgraded Pinnacle Financial Partners from a buy rating to a hold rating in a research report on Friday, September 13th. BidaskClub raised Pinnacle Financial Partners from a sell rating to a hold rating in a research report on Tuesday, September 10th. Finally, Stephens reissued a hold rating and issued a $63.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $61.43.
NASDAQ:PNFP opened at $55.65 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.99 and a quick ratio of 0.99. The business has a fifty day simple moving average of $54.34 and a two-hundred day simple moving average of $56.13. Pinnacle Financial Partners has a 1 year low of $43.23 and a 1 year high of $64.70. The company has a market capitalization of $4.35 billion, a P/E ratio of 11.74, a P/E/G ratio of 0.77 and a beta of 1.43.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.28 by $0.14. Pinnacle Financial Partners had a return on equity of 9.82% and a net margin of 30.46%. The business had revenue of $259.60 million during the quarter, compared to the consensus estimate of $252.44 million. During the same period last year, the business posted $1.15 earnings per share. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. As a group, analysts anticipate that Pinnacle Financial Partners will post 5.26 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Thursday, August 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 13.50%.
In other news, CFO Harold R. Carpenter sold 3,006 shares of Pinnacle Financial Partners stock in a transaction on Friday, September 13th. The stock was sold at an average price of $57.90, for a total value of $174,047.40. Following the completion of the transaction, the chief financial officer now directly owns 83,112 shares in the company, valued at $4,812,184.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Ronald L. Samuel sold 500 shares of Pinnacle Financial Partners stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $56.61, for a total value of $28,305.00. Following the completion of the transaction, the insider now owns 22,675 shares of the company’s stock, valued at $1,283,631.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 64,475 shares of company stock valued at $3,674,396. 2.97% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Laurel Wealth Advisors LLC purchased a new position in shares of Pinnacle Financial Partners in the second quarter valued at $33,000. CENTRAL TRUST Co grew its position in shares of Pinnacle Financial Partners by 376.7% in the second quarter. CENTRAL TRUST Co now owns 715 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 565 shares in the last quarter. Prime Capital Investment Advisors LLC purchased a new position in shares of Pinnacle Financial Partners in the second quarter valued at $68,000. Valeo Financial Advisors LLC grew its position in shares of Pinnacle Financial Partners by 66.7% in the second quarter. Valeo Financial Advisors LLC now owns 1,197 shares of the financial services provider’s stock valued at $69,000 after purchasing an additional 479 shares in the last quarter. Finally, Gradient Investments LLC purchased a new position in shares of Pinnacle Financial Partners in the second quarter valued at $79,000. Institutional investors own 79.68% 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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