Pinnacle Financial Partners (NASDAQ:PNFP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.

According to Zacks, “Pinnacle Financial Partners, Inc. Provides a full range 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. “

Other equities analysts also recently issued research reports about the stock. BidaskClub upgraded shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating in a report on Saturday, August 18th. ValuEngine upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Thursday, June 21st. Finally, Hovde Group reiterated an “outperform” rating on shares of Pinnacle Financial Partners in a report on Thursday, July 5th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and eleven have assigned a buy rating to the company. Pinnacle Financial Partners currently has an average rating of “Buy” and an average price target of $72.75.

Shares of PNFP opened at $63.25 on Tuesday. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $4.99 billion, a PE ratio of 17.72, a P/E/G ratio of 0.97 and a beta of 1.02. Pinnacle Financial Partners has a 52-week low of $59.55 and a 52-week high of $69.95.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, July 17th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.01. The business had revenue of $230.20 million during the quarter, compared to the consensus estimate of $229.16 million. Pinnacle Financial Partners had a net margin of 25.54% and a return on equity of 8.59%. The business’s revenue was up 62.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.84 EPS. equities research analysts forecast that Pinnacle Financial Partners will post 4.71 EPS for the current fiscal year.

In related news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $64.21, for a total value of $102,736.00. Following the sale, the insider now directly owns 29,575 shares of the company’s stock, valued at approximately $1,899,010.75. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 3.39% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. grew 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 acquiring an additional 273,386 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Pinnacle Financial Partners by 7.1% during the 2nd quarter. Jennison Associates LLC now owns 3,501,820 shares of the financial services provider’s stock worth $214,837,000 after purchasing an additional 233,210 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Pinnacle Financial Partners by 13.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,489,261 shares of the financial services provider’s stock worth $91,369,000 after purchasing an additional 177,866 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Pinnacle Financial Partners by 0.5% during the 2nd quarter. Victory Capital Management Inc. now owns 1,248,891 shares of the financial services provider’s stock worth $76,620,000 after purchasing an additional 6,673 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Pinnacle Financial Partners by 124.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,146,362 shares of the financial services provider’s stock worth $73,597,000 after purchasing an additional 635,410 shares during the last quarter. 77.77% of the stock is currently owned by hedge funds and other 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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Analyst Recommendations for Pinnacle Financial Partners (NASDAQ:PNFP)

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