Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Lowered to $105.00 at Wells Fargo & Company

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price reduced by Wells Fargo & Company from $125.00 to $105.00 in a research note published on Wednesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

PNFP has been the subject of several other reports. Citigroup boosted their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st. Hovde Group cut their price objective on Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 2nd. Barclays decreased their target price on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday. Stephens restated an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $124.70.

Pinnacle Financial Partners Trading Down 6.6 %

Pinnacle Financial Partners stock traded down $6.36 during trading on Wednesday, hitting $89.98. The company’s stock had a trading volume of 384,601 shares, compared to its average volume of 493,393. The stock has a market capitalization of $6.96 billion, a price-to-earnings ratio of 15.11 and a beta of 0.94. Pinnacle Financial Partners has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s fifty day moving average is $108.99 and its 200 day moving average is $112.02.

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

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 1.07%. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s payout ratio is presently 16.05%.

Insider Transactions at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the transaction, the chairman now directly owns 83,000 shares in the company, valued at $9,446,230. This trade represents a 32.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David B. Ingram sold 10,309 shares of Pinnacle Financial Partners stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the completion of the transaction, the director now directly owns 82,256 shares of the company’s stock, valued at approximately $10,364,256. This represents a 11.14 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,350 shares of company stock valued at $11,421,320. Insiders own 1.46% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Kapitalo Investimentos Ltda bought a new position in Pinnacle Financial Partners during the 4th quarter worth $78,000. UMB Bank n.a. raised its stake in shares of Pinnacle Financial Partners by 48.1% during the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 239 shares in the last quarter. Principal Securities Inc. lifted its stake in shares of Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 91 shares during the period. Trust Co. of Vermont bought a new position in Pinnacle Financial Partners during the 4th quarter valued at $97,000. Finally, Values First Advisors Inc. boosted its stake in Pinnacle Financial Partners by 189.9% during the fourth quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock valued at $167,000 after buying an additional 955 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

About Pinnacle Financial Partners

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.