Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives Consensus Recommendation of “Hold” from Analysts

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has been given a consensus rating of “Hold” by the eleven ratings firms that are covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $125.18.

A number of research firms have commented on PNFP. Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research report on Thursday, January 23rd. Stephens restated an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP opened at $103.79 on Tuesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The business’s 50 day moving average price is $116.29 and its 200-day moving average price is $111.64. The firm has a market capitalization of $8.03 billion, a PE ratio of 17.36 and a beta of 1.09. Pinnacle Financial Partners has a 1 year low of $73.62 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. The company had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.68 earnings per share. As a group, equities research analysts expect that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were given a dividend of $0.24 per share. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 0.92%. The ex-dividend date was Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Insider Transactions at Pinnacle Financial Partners

In related news, Director Glenda Baskin Glover sold 3,000 shares of the company’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the completion of the sale, the director now directly owns 9,943 shares of the company’s stock, valued at $1,009,711.65. This represents a 23.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David B. Ingram sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the sale, the director now directly owns 40,991 shares of the company’s stock, valued at approximately $5,185,361.50. This represents a 49.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,350 shares of company stock valued at $11,421,320. 1.46% of the stock is currently owned by corporate insiders.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in PNFP. Virtue Capital Management LLC purchased a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $213,000. Sunbeam Capital Management LLC purchased a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $1,131,000. Forum Financial Management LP raised its stake in shares of Pinnacle Financial Partners by 19.4% during the 4th quarter. Forum Financial Management LP now owns 2,660 shares of the financial services provider’s stock worth $304,000 after buying an additional 433 shares in the last quarter. GTS Securities LLC purchased a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $398,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Pinnacle Financial Partners by 27.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 254,472 shares of the financial services provider’s stock worth $29,109,000 after buying an additional 54,340 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.