Pinnacle Financial Partners (NASDAQ:PNFP) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP – Get Rating) from a sell rating to a hold rating in a research report released on Monday morning.

A number of other research firms have also weighed in on PNFP. Wells Fargo & Company cut their price objective on shares of Pinnacle Financial Partners from $100.00 to $95.00 and set an overweight rating for the company in a research report on Thursday, December 15th. JPMorgan Chase & Co. reduced their price target on Pinnacle Financial Partners from $95.00 to $85.00 and set an overweight rating on the stock in a research note on Tuesday, December 13th. Finally, Truist Financial lowered their price objective on Pinnacle Financial Partners from $96.00 to $90.00 in a research report on Friday, December 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $85.57.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $57.03 on Monday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a fifty day moving average of $74.62 and a two-hundred day moving average of $78.44. The company has a market capitalization of $4.37 billion, a price-to-earnings ratio of 7.94 and a beta of 1.14. Pinnacle Financial Partners has a fifty-two week low of $52.28 and a fifty-two week high of $99.35.

Pinnacle Financial Partners (NASDAQ:PNFP – Get Rating) last posted its quarterly earnings data on Tuesday, January 17th. The financial services provider reported $1.76 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.32). The company had revenue of $401.78 million for the quarter, compared to analyst estimates of $423.54 million. Pinnacle Financial Partners had a net margin of 31.33% and a return on equity of 10.90%. On average, analysts anticipate that Pinnacle Financial Partners will post 7.31 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 24th. Stockholders of record on Friday, February 3rd were issued a $0.22 dividend. The ex-dividend date was Thursday, February 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.54%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.26%.

Insider Activity

In related news, Director Gregory L. Burns sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $82.00, for a total value of $246,000.00. Following the transaction, the director now owns 19,518 shares in the company, valued at $1,600,476. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Gregory L. Burns sold 3,000 shares of the stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $82.00, for a total value of $246,000.00. Following the completion of the sale, the director now owns 19,518 shares of the company’s stock, valued at $1,600,476. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph C. Galante bought 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, January 20th. The shares were acquired at an average price of $72.26 per share, for a total transaction of $72,260.00. Following the acquisition, the director now directly owns 22,508 shares in the company, valued at approximately $1,626,428.08. The disclosure for this purchase can be found here. Insiders have sold 27,171 shares of company stock valued at $2,019,695 in the last three months. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Institutional investors and hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. boosted its stake in shares of Pinnacle Financial Partners by 12.1% in the first quarter. American Century Companies Inc. now owns 6,848 shares of the financial services provider’s stock valued at $631,000 after purchasing an additional 738 shares during the period. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Pinnacle Financial Partners during the first quarter valued at about $101,000. PNC Financial Services Group Inc. increased its position in shares of Pinnacle Financial Partners by 76.9% during the first quarter. PNC Financial Services Group Inc. now owns 6,527 shares of the financial services provider’s stock worth $600,000 after acquiring an additional 2,838 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Pinnacle Financial Partners by 10.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,903 shares of the financial services provider’s stock worth $2,569,000 after acquiring an additional 2,660 shares in the last quarter. Finally, BlackRock Inc. boosted its holdings in Pinnacle Financial Partners by 1.5% in the first quarter. BlackRock Inc. now owns 6,935,015 shares of the financial services provider’s stock valued at $638,577,000 after purchasing an additional 104,706 shares during the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

About Pinnacle Financial Partners

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Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.