Keefe, Bruyette & Woods Lowers Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $95.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target reduced by Keefe, Bruyette & Woods from $125.00 to $95.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

PNFP has been the topic of a number of other research reports. JPMorgan Chase & Co. lifted their price target on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Citigroup cut their price target on Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Friday, July 25th. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Friday, July 18th. UBS Group reissued a “neutral” rating and set a $121.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, July 9th. Finally, Barclays dropped their target price on Pinnacle Financial Partners from $140.00 to $125.00 and set an “overweight” rating on the stock in a report on Monday, July 28th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $114.80.

Pinnacle Financial Partners Stock Performance

PNFP opened at $93.28 on Wednesday. The business’s 50 day moving average is $105.17 and its 200-day moving average is $106.62. The stock has a market cap of $7.23 billion, a PE ratio of 12.37 and a beta of 1.03. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. Pinnacle Financial Partners has a twelve month low of $81.57 and a twelve month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.92 by $0.08. The company had revenue of $504.99 million for the quarter, compared to analysts’ expectations of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.63 earnings per share. On average, analysts predict that Pinnacle Financial Partners will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 1st will be given a $0.24 dividend. The ex-dividend date is Friday, August 1st. This represents a $0.96 annualized dividend and a yield of 1.0%. Pinnacle Financial Partners’s payout ratio is 12.73%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director G Kennedy Thompson purchased 10,000 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were purchased at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the completion of the transaction, the director owned 28,372 shares in the company, valued at $2,430,061.80. This represents a 54.43% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas C. Farnsworth III purchased 1,000 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was acquired at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the transaction, the director owned 28,277 shares of the company’s stock, valued at $2,401,848.38. The trade was a 3.67% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 12,174 shares of company stock worth $1,047,079. 1.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Jump Financial LLC acquired a new position in Pinnacle Financial Partners in the second quarter worth approximately $229,000. Amundi grew its position in Pinnacle Financial Partners by 25,700.0% during the 2nd quarter. Amundi now owns 4,386 shares of the financial services provider’s stock worth $513,000 after purchasing an additional 4,369 shares in the last quarter. M Holdings Securities Inc. purchased a new position in Pinnacle Financial Partners during the 2nd quarter worth approximately $5,835,000. Channing Capital Management LLC grew its position in Pinnacle Financial Partners by 1.8% during the 2nd quarter. Channing Capital Management LLC now owns 671,556 shares of the financial services provider’s stock worth $74,146,000 after purchasing an additional 12,162 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Pinnacle Financial Partners by 2.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 18,730 shares of the financial services provider’s stock worth $2,068,000 after purchasing an additional 459 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.