Pinnacle Financial Partners (NASDAQ:PNFP) Receives $46.50 Average PT from Brokerages

Pinnacle Financial Partners (NASDAQ:PNFP) has been assigned an average rating of “Hold” from the nine brokerages that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $46.50.

A number of brokerages recently commented on PNFP. SunTrust Banks raised their price objective on shares of Pinnacle Financial Partners from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, June 15th. They noted that the move was a valuation call. JPMorgan Chase & Co. raised their price objective on shares of Pinnacle Financial Partners from $38.00 to $45.00 and gave the company a “neutral” rating in a research report on Thursday, June 18th. BidaskClub upgraded shares of Pinnacle Financial Partners from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. Raymond James upgraded shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $48.00 price objective for the company in a research report on Wednesday, June 17th. Finally, UBS Group raised their price objective on shares of Pinnacle Financial Partners from $32.50 to $35.00 and gave the company a “neutral” rating in a research report on Friday, May 22nd.

Shares of PNFP traded up $0.72 during mid-day trading on Friday, hitting $41.82. 7,725 shares of the company’s stock were exchanged, compared to its average volume of 477,878. Pinnacle Financial Partners has a fifty-two week low of $27.80 and a fifty-two week high of $65.00. The firm has a market capitalization of $2.98 billion, a P/E ratio of 9.55 and a beta of 1.39. The business’s 50 day moving average is $40.65 and its two-hundred day moving average is $49.19. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.68.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Monday, April 20th. The financial services provider reported $0.39 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.66). Pinnacle Financial Partners had a return on equity of 8.04% and a net margin of 24.72%. The business had revenue of $263.93 million for the quarter, compared to analyst estimates of $260.15 million. During the same quarter last year, the company posted $1.24 EPS. Pinnacle Financial Partners’s quarterly revenue was up 10.8% on a year-over-year basis. On average, equities research analysts forecast that Pinnacle Financial Partners will post 3.57 earnings per share for the current year.

In other Pinnacle Financial Partners news, Director G Kennedy Thompson acquired 5,000 shares of the company’s stock in a transaction dated Thursday, April 23rd. The stock was acquired at an average cost of $34.86 per share, with a total value of $174,300.00. Following the purchase, the director now directly owns 15,826 shares in the company, valued at approximately $551,694.36. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Hugh M. Queener sold 5,914 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $43.06, for a total transaction of $254,656.84. Following the transaction, the chief accounting officer now directly owns 216,182 shares of the company’s stock, valued at $9,308,796.92. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 61,000 shares of company stock valued at $2,609,100. 2.98% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada increased its stake in shares of Pinnacle Financial Partners by 26.8% during the 1st quarter. Royal Bank of Canada now owns 669,576 shares of the financial services provider’s stock worth $25,136,000 after purchasing an additional 141,563 shares in the last quarter. New Mexico Educational Retirement Board increased its stake in shares of Pinnacle Financial Partners by 35.7% during the 1st quarter. New Mexico Educational Retirement Board now owns 17,100 shares of the financial services provider’s stock worth $642,000 after purchasing an additional 4,500 shares in the last quarter. Guggenheim Capital LLC increased its stake in shares of Pinnacle Financial Partners by 26.2% during the 1st quarter. Guggenheim Capital LLC now owns 194,095 shares of the financial services provider’s stock worth $7,286,000 after purchasing an additional 40,244 shares in the last quarter. Morgan Stanley increased its stake in shares of Pinnacle Financial Partners by 2.2% during the 1st quarter. Morgan Stanley now owns 90,943 shares of the financial services provider’s stock worth $3,414,000 after purchasing an additional 1,950 shares in the last quarter. Finally, FDx Advisors Inc. purchased a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $662,000. 79.08% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Pinnacle Financial Partners (NASDAQ:PNFP)

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