Stephens restated their hold rating on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a research note published on Monday, AnalystRatings.com reports. The brokerage currently has a $63.00 price target 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.”,” Stephens’ analyst wrote.
A number of other analysts have also weighed in on the company. BidaskClub upgraded Pinnacle Financial Partners from a sell rating to a hold rating in a report on Tuesday, September 10th. Zacks Investment Research lowered Pinnacle Financial Partners from a buy rating to a hold rating in a report on Friday, September 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $61.43.
Shares of NASDAQ:PNFP opened at $56.01 on Monday. Pinnacle Financial Partners has a 52-week low of $43.23 and a 52-week high of $64.85. The stock has a market cap of $4.31 billion, a P/E ratio of 11.82, a price-to-earnings-growth ratio of 0.77 and a beta of 1.43. The business’s 50 day moving average is $54.45 and its 200 day moving average is $56.15. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.58.
Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the 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 company had revenue of $259.60 million for the quarter, compared to analysts’ expectations of $252.44 million. During the same quarter in the prior year, the firm earned $1.15 earnings per share. Pinnacle Financial Partners’s revenue was up 12.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Pinnacle Financial Partners will post 5.28 EPS for the current fiscal year.
The business also recently announced 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 dividend on an annualized basis and a yield of 1.14%. Pinnacle Financial Partners’s dividend payout ratio is currently 13.50%.
In other news, Vice Chairman Ronald L. Samuel sold 500 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $60.48, for a total transaction of $30,240.00. Following the completion of the sale, the insider now owns 22,175 shares in the company, valued at approximately $1,341,144. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Harold R. Carpenter sold 3,006 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $57.90, for a total value of $174,047.40. Following the sale, the chief financial officer now owns 83,112 shares of the company’s stock, valued at approximately $4,812,184.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 64,475 shares of company stock valued at $3,674,396. 2.97% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. Arizona State Retirement System raised its stake in Pinnacle Financial Partners by 0.3% in the 2nd quarter. Arizona State Retirement System now owns 52,504 shares of the financial services provider’s stock worth $3,018,000 after acquiring an additional 172 shares during the last quarter. Woodmont Investment Counsel LLC grew its position in Pinnacle Financial Partners by 0.7% during the 2nd quarter. Woodmont Investment Counsel LLC now owns 34,169 shares of the financial services provider’s stock worth $1,964,000 after purchasing an additional 250 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Pinnacle Financial Partners by 6.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,479 shares of the financial services provider’s stock worth $257,000 after purchasing an additional 275 shares during the period. HighTower Advisors LLC grew its position in Pinnacle Financial Partners by 7.6% during the 2nd quarter. HighTower Advisors LLC now owns 4,600 shares of the financial services provider’s stock worth $263,000 after purchasing an additional 325 shares during the period. Finally, Keybank National Association OH grew its position in Pinnacle Financial Partners by 1.2% during the 2nd quarter. Keybank National Association OH now owns 30,519 shares of the financial services provider’s stock worth $1,754,000 after purchasing an additional 363 shares during the period. Hedge funds and other institutional investors own 79.68% of the company’s stock.
About Pinnacle Financial Partners
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.
Recommended Story: How is a price target determined?
Receive News & Ratings for Pinnacle Financial Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle Financial Partners and related companies with MarketBeat.com's FREE daily email newsletter.