Pinnacle Financial Partners (PNFP) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Pinnacle Financial Partners (NASDAQ:PNFP) have been assigned a consensus recommendation of “Hold” from the eleven ratings firms that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and six have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $61.40.

PNFP has been the subject of a number of recent analyst reports. BidaskClub raised shares of Pinnacle Financial Partners from a “strong sell” rating to a “sell” rating in a research report on Saturday, November 17th. UBS Group raised shares of Pinnacle Financial Partners from a “sell” rating to a “neutral” rating and set a $50.00 price target for the company in a research report on Tuesday, January 8th. TheStreet downgraded shares of Pinnacle Financial Partners from a “b-” rating to a “c” rating in a research report on Thursday, November 15th. ValuEngine raised shares of Pinnacle Financial Partners from a “strong sell” rating to a “sell” rating in a research report on Monday, November 26th. Finally, Wells Fargo & Co set a $62.00 price target on shares of Pinnacle Financial Partners and gave the stock a “buy” rating in a research report on Wednesday, January 16th.

NASDAQ:PNFP traded up $0.17 during trading hours on Friday, hitting $58.46. The stock had a trading volume of 239,861 shares, compared to its average volume of 426,313. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.49. Pinnacle Financial Partners has a 1-year low of $43.23 and a 1-year high of $68.85. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 0.81 and a beta of 1.40.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, January 15th. The financial services provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.02. Pinnacle Financial Partners had a net margin of 31.32% and a return on equity of 9.51%. The business had revenue of $247.50 million during the quarter, compared to the consensus estimate of $246.73 million. During the same quarter last year, the company earned $0.97 earnings per share. The business’s quarterly revenue was up 17.2% compared to the same quarter last year. On average, equities analysts anticipate that Pinnacle Financial Partners will post 5.06 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 22nd. Investors of record on Friday, February 1st were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.09%. The ex-dividend date was Thursday, January 31st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 13.50%.

In related news, CFO Harold R. Carpenter sold 10,075 shares of the firm’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $57.75, for a total transaction of $581,831.25. Following the transaction, the chief financial officer now directly owns 86,423 shares in the company, valued at $4,990,928.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Ronald L. Samuel sold 1,600 shares of the firm’s stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $58.55, for a total value of $93,680.00. Following the transaction, the insider now owns 24,775 shares in the company, valued at $1,450,576.25. The disclosure for this sale can be found here. Insiders have sold 27,588 shares of company stock worth $1,600,847 over the last 90 days. 2.97% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in PNFP. Oregon Public Employees Retirement Fund lifted its stake in Pinnacle Financial Partners by 4,510.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,351,790 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 1,322,467 shares during the last quarter. Norges Bank bought a new stake in Pinnacle Financial Partners in the fourth quarter valued at $19,508,000. State of New Jersey Common Pension Fund D bought a new stake in Pinnacle Financial Partners in the fourth quarter valued at $17,518,000. The Manufacturers Life Insurance Company lifted its stake in Pinnacle Financial Partners by 20.7% in the third quarter. The Manufacturers Life Insurance Company now owns 1,724,820 shares of the financial services provider’s stock valued at $103,748,000 after buying an additional 295,498 shares during the last quarter. Finally, Wedge Capital Management L L P NC lifted its stake in Pinnacle Financial Partners by 29.5% in the fourth quarter. Wedge Capital Management L L P NC now owns 1,230,124 shares of the financial services provider’s stock valued at $56,709,000 after buying an additional 280,427 shares during the last quarter. Hedge funds and other institutional investors own 80.64% 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.

Read More: Market Capitalization – What it Means for Investors

Analyst Recommendations for Pinnacle Financial Partners (NASDAQ:PNFP)

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