Pinnacle Financial Partners (NASDAQ:PNFP) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research downgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP) from a buy rating to a hold rating in a report issued on Tuesday morning, Zacks.com reports.

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. “

A number of other equities analysts also recently commented on the stock. Truist boosted their price objective on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the stock a buy rating in a research note on Thursday, October 14th. They noted that the move was a valuation call. Wells Fargo & Company boosted their price objective on shares of Pinnacle Financial Partners from $120.00 to $145.00 and gave the stock an overweight rating in a research note on Thursday, November 11th. Truist Securities boosted their price objective on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the stock a buy rating in a research note on Thursday, October 14th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $120.00 and gave the stock an overweight rating in a research note on Thursday, October 14th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of Buy and a consensus price target of $109.22.

Pinnacle Financial Partners stock opened at $110.41 on Tuesday. The company has a market capitalization of $8.41 billion, a PE ratio of 17.06 and a beta of 1.27. Pinnacle Financial Partners has a fifty-two week low of $67.92 and a fifty-two week high of $111.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.89 and a current ratio of 0.90. The company has a 50 day moving average price of $99.08 and a 200-day moving average price of $95.53.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, October 12th. The financial services provider reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.20. The company had revenue of $341.64 million during the quarter, compared to the consensus estimate of $328.81 million. Pinnacle Financial Partners had a net margin of 35.58% and a return on equity of 10.62%. Pinnacle Financial Partners’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.45 earnings per share. On average, analysts forecast that Pinnacle Financial Partners will post 6.61 earnings per share for the current year.

In other news, CAO Hugh M. Queener sold 26,527 shares of the business’s stock in a transaction on Monday, October 18th. The shares were sold at an average price of $100.94, for a total transaction of $2,677,635.38. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 10,000 shares of the business’s stock in a transaction on Monday, November 1st. The shares were sold at an average price of $97.80, for a total transaction of $978,000.00. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the business. State Street Corp raised its position in shares of Pinnacle Financial Partners by 11.8% in the second quarter. State Street Corp now owns 3,308,590 shares of the financial services provider’s stock worth $292,115,000 after acquiring an additional 347,966 shares during the period. Trustcore Financial Services LLC raised its position in shares of Pinnacle Financial Partners by 2.4% during the 3rd quarter. Trustcore Financial Services LLC now owns 62,853 shares of the financial services provider’s stock worth $5,913,000 after purchasing an additional 1,501 shares during the last quarter. OLD National Bancorp IN raised its position in shares of Pinnacle Financial Partners by 8.6% during the 3rd quarter. OLD National Bancorp IN now owns 3,094 shares of the financial services provider’s stock worth $291,000 after purchasing an additional 244 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Pinnacle Financial Partners by 175.0% during the 2nd quarter. AQR Capital Management LLC now owns 12,588 shares of the financial services provider’s stock worth $1,109,000 after purchasing an additional 8,011 shares during the last quarter. Finally, Morgan Stanley grew its stake in Pinnacle Financial Partners by 34.2% during the 2nd quarter. Morgan Stanley now owns 98,240 shares of the financial services provider’s stock valued at $8,673,000 after acquiring an additional 25,025 shares in the last quarter. 79.38% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.

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