Pinnacle Financial Partners (NASDAQ:PNFP) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Wednesday, October 24th.
Several other research firms have also weighed in on PNFP. Zacks Investment Research lowered shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a report on Tuesday, September 25th. Hovde Group reaffirmed an “outperform” rating on shares of Pinnacle Financial Partners in a research note on Thursday, July 5th. ValuEngine downgraded shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Friday, June 29th. Stephens reaffirmed a “buy” rating and set a $74.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, October 3rd. Finally, Wells Fargo & Co set a $72.00 price target on shares of Pinnacle Financial Partners and gave the stock a “buy” rating in a research note on Tuesday, October 2nd. Three equities research analysts have rated the stock with a sell rating and ten have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $70.67.
Shares of PNFP traded up $0.56 during mid-day trading on Wednesday, reaching $54.19. 407,800 shares of the company’s stock were exchanged, compared to its average volume of 535,676. Pinnacle Financial Partners has a 52-week low of $49.92 and a 52-week high of $69.95. The stock has a market cap of $4.12 billion, a price-to-earnings ratio of 15.18, a price-to-earnings-growth ratio of 0.70 and a beta of 1.12. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.97 and a quick ratio of 0.97.
In related news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the business’s stock in a transaction that occurred on Tuesday, September 25th. The shares were sold at an average price of $63.49, for a total value of $101,584.00. Following the sale, the insider now directly owns 27,975 shares in the company, valued at approximately $1,776,132.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.39% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in PNFP. Wedge Capital Management L L P NC raised its holdings in shares of Pinnacle Financial Partners by 73.8% during the second quarter. Wedge Capital Management L L P NC now owns 966,731 shares of the financial services provider’s stock valued at $59,309,000 after acquiring an additional 410,479 shares during the period. The Manufacturers Life Insurance Company increased its stake in Pinnacle Financial Partners by 20.7% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,724,820 shares of the financial services provider’s stock valued at $103,748,000 after buying an additional 295,498 shares during the period. BlackRock Inc. increased its stake in Pinnacle Financial Partners by 4.4% in the 2nd quarter. BlackRock Inc. now owns 6,485,908 shares of the financial services provider’s stock valued at $397,909,000 after buying an additional 273,386 shares during the period. Jennison Associates LLC increased its stake in Pinnacle Financial Partners by 7.1% in the 2nd quarter. Jennison Associates LLC now owns 3,501,820 shares of the financial services provider’s stock valued at $214,837,000 after buying an additional 233,210 shares during the period. Finally, Monarch Partners Asset Management LLC acquired a new position in Pinnacle Financial Partners in the 2nd quarter valued at approximately $12,144,000. Institutional investors and hedge funds own 78.48% of the company’s stock.
Pinnacle Financial Partners Company Profile
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: Market Capitalization, Large-Caps, Mid-Caps, Small-Caps
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.