Pinnacle Financial Partners (NASDAQ:PNFP) Receives Average Recommendation of “Hold” from Analysts
Shares of Pinnacle Financial Partners (NASDAQ:PNFP) have been assigned an average recommendation of “Hold” from the nine research firms that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $61.20.
Several equities research analysts recently issued reports on PNFP shares. Stephens reissued a “hold” rating and issued a $63.00 price objective on shares of Pinnacle Financial Partners in a research note on Thursday, July 18th. Zacks Investment Research raised Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a research note on Tuesday, July 23rd. BidaskClub downgraded Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Finally, Raymond James downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 17th. They noted that the move was a valuation call.
Pinnacle Financial Partners stock traded down $1.56 during mid-day trading on Wednesday, hitting $53.74. The company’s stock had a trading volume of 288,435 shares, compared to its average volume of 419,659. The stock’s 50 day moving average is $57.48. The firm has a market cap of $4.26 billion, a P/E ratio of 11.34, a PEG ratio of 0.77 and a beta of 1.35. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.58. Pinnacle Financial Partners has a 52-week low of $43.23 and a 52-week high of $66.54.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 2nd will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend is Thursday, August 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 13.50%.
In other news, Director David B. Ingram purchased 20,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was bought at an average cost of $54.28 per share, with a total value of $1,085,600.00. Following the purchase, the director now directly owns 54,067 shares of the company’s stock, valued at $2,934,756.76. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Ronald L. Samuel sold 500 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $56.61, for a total value of $28,305.00. Following the sale, the insider now directly owns 22,675 shares of the company’s stock, valued at $1,283,631.75. The disclosure for this sale can be found here. Insiders have sold a total of 3,000 shares of company stock valued at $170,645 over the last ninety days. Company insiders own 2.97% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in shares of Pinnacle Financial Partners by 5.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,586,418 shares of the financial services provider’s stock valued at $73,135,000 after purchasing an additional 82,699 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Pinnacle Financial Partners by 4.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 18,578 shares of the financial services provider’s stock valued at $856,000 after purchasing an additional 747 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Pinnacle Financial Partners by 6.4% in the 4th quarter. Legal & General Group Plc now owns 85,115 shares of the financial services provider’s stock valued at $3,924,000 after purchasing an additional 5,104 shares in the last quarter. Millennium Management LLC raised its stake in shares of Pinnacle Financial Partners by 5.1% during the 4th quarter. Millennium Management LLC now owns 81,370 shares of the financial services provider’s stock worth $3,751,000 after acquiring an additional 3,956 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $19,508,000. 79.85% of the stock is owned by institutional investors.
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.
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