BidaskClub Lowers Pinnacle Financial Partners, Inc. (PNFP) to Strong Sell

BidaskClub downgraded shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) from a sell rating to a strong sell rating in a report published on Tuesday morning.

Other analysts have also recently issued research reports about the company. Stephens reissued a hold rating and issued a $71.00 price objective on shares of Pinnacle Financial Partners in a research report on Thursday, July 20th. Hilliard Lyons reaffirmed a neutral rating and set a $69.00 price target (down previously from $71.00) on shares of Pinnacle Financial Partners in a research report on Saturday, April 22nd. Finally, Zacks Investment Research cut Pinnacle Financial Partners from a buy rating to a hold rating in a research report on Tuesday, April 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $65.20.

Pinnacle Financial Partners (PNFP) traded down 1.15% on Tuesday, hitting $60.30. The stock had a trading volume of 289,209 shares. Pinnacle Financial Partners has a 52-week low of $49.40 and a 52-week high of $71.85. The firm has a market cap of $4.64 billion, a PE ratio of 19.37 and a beta of 1.27. The company has a 50-day moving average price of $63.51 and a 200 day moving average price of $64.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.04. The firm had revenue of $141.70 million during the quarter, compared to analysts’ expectations of $130.23 million. Pinnacle Financial Partners had a return on equity of 7.67% and a net margin of 27.36%. The business’s quarterly revenue was up 31.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.75 EPS. Equities analysts forecast that Pinnacle Financial Partners will post $3.46 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 4th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $0.56 dividend on an annualized basis and a yield of 0.93%. Pinnacle Financial Partners’s dividend payout ratio is currently 18.01%.

In other Pinnacle Financial Partners news, Vice Chairman Ronald L. Samuel sold 3,000 shares of Pinnacle Financial Partners stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $66.02, for a total transaction of $198,060.00. Following the completion of the sale, the insider now owns 64,794 shares of the company’s stock, valued at approximately $4,277,699.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph C. Galante purchased 1,000 shares of the stock in a transaction on Wednesday, May 31st. The shares were purchased at an average cost of $59.73 per share, with a total value of $59,730.00. Following the transaction, the director now owns 18,511 shares in the company, valued at approximately $1,105,662.03. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 1,425 shares of company stock valued at $86,180 and have sold 107,480 shares valued at $6,962,234. Insiders own 5.41% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in shares of Pinnacle Financial Partners by 33.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,719,514 shares of the financial services provider’s stock worth $107,987,000 after buying an additional 428,774 shares in the last quarter. Virtu KCG Holdings LLC purchased a new stake in shares of Pinnacle Financial Partners during the second quarter worth approximately $443,000. Parametric Portfolio Associates LLC boosted its stake in shares of Pinnacle Financial Partners by 49.6% in the second quarter. Parametric Portfolio Associates LLC now owns 61,404 shares of the financial services provider’s stock worth $3,856,000 after buying an additional 20,369 shares in the last quarter. Advisor Group Inc. boosted its stake in shares of Pinnacle Financial Partners by 14.5% in the second quarter. Advisor Group Inc. now owns 2,294 shares of the financial services provider’s stock worth $144,000 after buying an additional 291 shares in the last quarter. Finally, River Oaks Capital LLC purchased a new stake in shares of Pinnacle Financial Partners during the second quarter worth approximately $2,255,000. 77.76% of the stock is owned by institutional investors.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.

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