Pinnacle Financial Partners (NYSE:PNFP) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Pinnacle Financial Partners (NYSE:PNFP) from a hold rating to a sell rating in a research report sent to investors on Thursday.

A number of other equities research analysts have also weighed in on PNFP. DA Davidson started coverage on Pinnacle Financial Partners in a research note on Monday, January 5th. They issued a “neutral” rating and a $110.00 target price for the company. TD Cowen reaffirmed a “buy” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, January 7th. Weiss Ratings started coverage on Pinnacle Financial Partners in a research report on Monday, March 9th. They issued a “hold (c+)” rating for the company. JPMorgan Chase & Co. increased their price objective on Pinnacle Financial Partners from $110.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. Finally, Royal Bank Of Canada upgraded shares of Pinnacle Financial Partners to a “moderate buy” rating in a report on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus price target of $113.41.

Pinnacle Financial Partners Stock Performance

NYSE PNFP opened at $84.57 on Thursday. Pinnacle Financial Partners has a 12-month low of $81.08 and a 12-month high of $120.46. The stock has a market cap of $6.56 billion, a price-to-earnings ratio of 10.45, a price-to-earnings-growth ratio of 0.39 and a beta of 1.02. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a dividend, which was paid on Friday, February 27th. Investors of record on Friday, February 6th were issued a dividend of $0.50 per share. The ex-dividend date was Friday, February 6th. Pinnacle Financial Partners’s payout ratio is currently 24.72%.

Insider Buying and Selling

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of the company’s stock in a transaction on Thursday, February 12th. The stock was acquired at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the acquisition, the chief financial officer owned 49,485 shares in the company, valued at $4,677,322.20. This represents a 2.06% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.46% of the stock is owned by insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC raised its holdings in shares of Pinnacle Financial Partners by 63.1% during the fourth quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock valued at $508,551,000 after acquiring an additional 2,062,504 shares in the last quarter. State Street Corp boosted its holdings in Pinnacle Financial Partners by 5.5% in the fourth quarter. State Street Corp now owns 3,451,939 shares of the company’s stock valued at $329,350,000 after acquiring an additional 179,819 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Pinnacle Financial Partners by 42.2% in the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after acquiring an additional 910,367 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Pinnacle Financial Partners by 4.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,790,636 shares of the company’s stock valued at $266,268,000 after purchasing an additional 110,465 shares during the period. Finally, Invesco Ltd. increased its position in Pinnacle Financial Partners by 9.6% during the 4th quarter. Invesco Ltd. now owns 2,188,080 shares of the company’s stock valued at $208,765,000 after purchasing an additional 191,292 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

About Pinnacle Financial Partners

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.