Pinnacle Financial Partners Inc. (NASDAQ:PNFP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Pinnacle Financial Partners, Inc. is a bank holding company which owns 100% of the capital stock of Pinnacle National Bank, a national bank operating in the Nashville, Tennessee metropolitan area. “
PNFP has been the subject of a number of other research reports. Piper Jaffray Cos. upgraded Pinnacle Financial Partners from a “neutral” rating to an “overweight” rating and increased their target price for the company from $51.00 to $60.00 in a research note on Tuesday, July 12th. SunTrust Banks Inc. raised their price objective on Pinnacle Financial Partners from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, July 15th. Finally, Sandler O’Neill lowered Pinnacle Financial Partners from a “buy” rating to a “hold” rating and set a $60.00 price objective for the company. in a research note on Tuesday, September 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Pinnacle Financial Partners presently has an average rating of “Buy” and an average target price of $57.00.
Pinnacle Financial Partners (NASDAQ:PNFP) opened at 54.60 on Tuesday. Pinnacle Financial Partners has a 12-month low of $43.32 and a 12-month high of $57.99. The stock has a 50 day moving average price of $55.42 and a 200-day moving average price of $51.56. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of 20.29 and a beta of 1.54.
Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, July 19th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.75. Pinnacle Financial Partners had a return on equity of 9.58% and a net margin of 26.36%. Equities analysts forecast that Pinnacle Financial Partners will post $3.03 earnings per share for the current year.
In other Pinnacle Financial Partners news, Director William H. Iv Huddleston sold 10,000 shares of the stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $53.96, for a total transaction of $539,600.00. Following the transaction, the director now owns 55,863 shares of the company’s stock, valued at approximately $3,014,367.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 6.30% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Advisor Group Inc. bought a new stake in shares of Pinnacle Financial Partners during the second quarter valued at about $111,000. Strs Ohio increased its stake in shares of Pinnacle Financial Partners by 300.0% in the second quarter. Strs Ohio now owns 2,400 shares of the financial services provider’s stock valued at $117,000 after buying an additional 1,800 shares during the period. BlackRock Inc. increased its stake in shares of Pinnacle Financial Partners by 152.4% in the first quarter. BlackRock Inc. now owns 2,542 shares of the financial services provider’s stock valued at $125,000 after buying an additional 1,535 shares during the period. Bank of Montreal Can bought a new stake in shares of Pinnacle Financial Partners during the second quarter valued at about $125,000. Finally, Huntington Asset Advisors Inc. bought a new stake in shares of Pinnacle Financial Partners during the first quarter valued at about $152,000. 63.99% of the stock is currently owned by institutional investors and hedge funds.
Pinnacle Financial Partners Company Profile
Pinnacle Financial Partners, Inc (Pinnacle) is a bank holding company. Pinnacle operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville and Knoxville, Tennessee. As an urban community bank, Pinnacle provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management, offered by large regional and national banks.
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