Stephens restated their hold rating on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a research note issued to investors on Monday, AnalystRatings.com reports. The brokerage currently has a $63.00 target price on the financial services provider’s stock.
“We think PNFP and the BHG team did a nice job addressing both of these concerns and as a result, investor feedback has been incrementally more positive around the overall BHG business and we believe the related bear thesis lost steam following the event. Below we discuss specific highlights from the investor day.”,” the firm’s analyst commented.
Several other equities analysts have also issued reports on PNFP. BidaskClub raised Pinnacle Financial Partners from a sell rating to a hold rating in a research note on Tuesday, September 10th. Zacks Investment Research downgraded Pinnacle Financial Partners from a buy rating to a hold rating in a report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $61.43.
Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $259.60 million for the quarter, compared to analyst estimates of $252.44 million. During the same quarter in the prior year, the company earned $1.15 EPS. Pinnacle Financial Partners’s revenue was up 12.8% on a year-over-year basis. On average, research analysts forecast that Pinnacle Financial Partners will post 5.28 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were issued a dividend of $0.16 per share. The ex-dividend date was Thursday, August 1st. This represents a $0.64 annualized dividend and a yield of 1.13%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 13.50%.
In other news, CAO Hugh M. Queener sold 7,295 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $57.06, for a total value of $416,252.70. Following the transaction, the chief accounting officer now owns 225,207 shares in the company, valued at approximately $12,850,311.42. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David B. Ingram acquired 20,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was acquired at an average price of $54.28 per share, for a total transaction of $1,085,600.00. Following the acquisition, the director now owns 54,067 shares in the company, valued at approximately $2,934,756.76. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 64,475 shares of company stock worth $3,674,396. 2.97% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Laurion Capital Management LP purchased a new position in shares of Pinnacle Financial Partners in the 2nd quarter valued at about $991,000. Shell Asset Management Co. purchased a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at about $579,000. Salzhauer Michael increased its holdings in shares of Pinnacle Financial Partners by 40.1% in the 1st quarter. Salzhauer Michael now owns 53,548 shares of the financial services provider’s stock valued at $2,929,000 after acquiring an additional 15,321 shares during the last quarter. Aperio Group LLC increased its holdings in shares of Pinnacle Financial Partners by 8.1% in the 2nd quarter. Aperio Group LLC now owns 16,002 shares of the financial services provider’s stock valued at $920,000 after acquiring an additional 1,201 shares during the last quarter. Finally, Sustainable Insight Capital Management LLC purchased a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at about $744,000. Institutional investors and hedge funds 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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