Pinnacle Financial Partners (NASDAQ: PNFP) demoted by Zacks Investment Research
Pinnacle Financial Partners (NASDAQ: PNFP) was downgraded by Zacks Investment Research from a “buy” rating to a “keep” rating in a research note released Friday, Zacks.com reports.
According to Zacks, “Pinnacle Financial Partners, Inc. provides a full line of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution.
Separately, Truist raised its target price on Pinnacle Financial Partners from $ 100.00 to $ 105, and gave the stock a “buy” rating in a research report on Thursday, July 22. Two investment analysts gave the stock a conservation rating and seven gave the company a buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $ 93.50.
Shares of NASDAQ: PNFP opened at $ 94.08 on Friday. The company has a market cap of $ 7.16 billion, a P / E ratio of 15.32 and a beta of 1.39. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt ratio of 0.32. Pinnacle Financial Partners has a 12-month low of $ 35.20 and a 12-month high of $ 98.63. The company has a fifty-day simple moving average of $ 93.38 and a 200-day simple moving average of $ 90.64.
Pinnacle Financial Partners (NASDAQ: PNFP) last reported its results on Monday, July 19. The financial services provider reported earnings per share (EPS) of $ 1.68 for the quarter, beating Thomson Reuters consensus estimate of $ 1.44 by $ 0.24. The company posted revenue of $ 331.43 million in the quarter, compared to analysts’ estimates of $ 315.54 million. Pinnacle Financial Partners posted a return on equity of 10.35% and a net margin of 34.35%. Pinnacle Financial Partners’ revenue for the quarter increased 21.1% from the same quarter last year. During the same period last year, the company earned $ 1.28 per share. As a group, equity research analysts expect Pinnacle Financial Partners to post 6.35 EPS for the current year.
In other news, CEO M Terry Turner sold 79,340 shares of the company in a transaction dated Monday, September 13. The stock was sold for an average price of $ 94.27, for a total value of $ 7,479,381.80. Following the completion of the sale, the CEO now directly owns 172,457 shares of the company, valued at approximately $ 16,257,521.39. The sale was disclosed in a document filed with the SEC, accessible through this link. In addition, CAO Hugh M. Queener sold 843 shares of Pinnacle Financial Partners in a transaction dated Wednesday, September 1. The shares were sold for an average price of $ 95.41, for a total value of $ 80,430.63. Disclosure of this sale can be found here. Company insiders own 2.60% of the company’s shares.
A number of hedge funds have recently increased or reduced their holdings in PNFP. Macquarie Group Ltd. increased its stake in Pinnacle Financial Partners by 1,676.0% during the second quarter. Macquarie Group Ltd. now owns 1,221,348 shares of the financial services provider valued at $ 107,833,000 after purchasing an additional 1,152,578 shares in the last quarter. Waddell & Reed Financial Inc. increased its stake in Pinnacle Financial Partners by 259.7% during the 1st quarter. Waddell & Reed Financial Inc. now owns 1,083,725 shares of the financial services provider valued at $ 96,083,000 after purchasing an additional 782,474 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Pinnacle Financial Partners by 216.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 856,138 shares of the financial services provider valued at $ 75,588,000 after purchasing an additional 585,305 shares in the last quarter. Alliancebernstein LP increased its stake in Pinnacle Financial Partners by 69.5% during the 2nd quarter. Alliancebernstein LP now owns 1,012,454 shares of the financial services provider valued at $ 89,390,000 after purchasing an additional 415,126 shares in the last quarter. Finally, State Street Corp increased its stake in Pinnacle Financial Partners by 11.8% during the second quarter. State Street Corp now owns 3,308,590 shares of the financial services provider valued at $ 292,115,000 after purchasing an additional 347,966 shares in the last quarter. Institutional investors and hedge funds hold 80.67% of the company’s shares.
Pinnacle Financial Partners Company Profile
Pinnacle Financial Partners, Inc is a banking holding company providing 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, Mr. Terry Turner, Sue G.
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