Analysts Set Pinnacle Financial Partners (NASDAQ:PNFP) Price Target at $59.75

Pinnacle Financial Partners (NASDAQ:PNFP) has been assigned an average rating of “Hold” from the nine brokerages that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $60.00.

A number of research firms have weighed in on PNFP. Zacks Investment Research reaffirmed a “hold” rating on shares of Western New England Bancorp in a research note on Saturday, June 29th. BidaskClub lowered shares of Zions Bancorporation NA from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 15th. Raymond James set a $8.00 price target on shares of Superior Energy Services and gave the company a “buy” rating in a research report on Wednesday, April 17th. Finally, Stephens reissued a “hold” rating and set a $63.00 price target on shares of Pinnacle Financial Partners in a research report on Thursday.

Shares of Pinnacle Financial Partners stock traded down $0.57 during trading hours on Friday, reaching $58.82. The company’s stock had a trading volume of 729,874 shares, compared to its average volume of 458,353. Pinnacle Financial Partners has a one year low of $43.23 and a one year high of $66.54. The stock has a market cap of $4.57 billion, a P/E ratio of 12.41, a P/E/G ratio of 0.81 and a beta of 1.36. The business has a fifty day simple moving average of $56.26. The company has a quick ratio of 1.00, a current ratio of 0.99 and a debt-to-equity ratio of 0.58.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. Pinnacle Financial Partners had a net margin of 30.46% and a return on equity of 9.82%. The firm had revenue of $259.60 million for the quarter, compared to analyst estimates of $252.44 million. During the same period last year, the firm earned $1.15 earnings per share. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. As a group, equities analysts forecast that Pinnacle Financial Partners will post 5.27 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 2nd will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend is Thursday, August 1st. Pinnacle Financial Partners’s payout ratio is currently 13.50%.

In other Pinnacle Financial Partners news, Chairman Richard D. Callicutt II sold 4,035 shares of Pinnacle Financial Partners stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $59.01, for a total value of $238,105.35. Following the sale, the chairman now owns 129,269 shares of the company’s stock, valued at $7,628,163.69. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Ronald L. Samuel sold 500 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $56.61, for a total transaction of $28,305.00. Following the completion of the sale, the insider now directly owns 22,675 shares in the company, valued at approximately $1,283,631.75. The disclosure for this sale can be found here. Insiders have sold 8,135 shares of company stock worth $469,294 over the last three months. 2.97% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the business. Private Capital Group LLC raised its position in Pinnacle Financial Partners by 76.6% in the first quarter. Private Capital Group LLC now owns 544 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 236 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Pinnacle Financial Partners in the first quarter worth about $35,000. CENTRAL TRUST Co raised its position in Pinnacle Financial Partners by 376.7% in the second quarter. CENTRAL TRUST Co now owns 715 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 565 shares during the period. Valeo Financial Advisors LLC bought a new stake in Pinnacle Financial Partners in the first quarter worth about $39,000. Finally, Gradient Investments LLC bought a new stake in Pinnacle Financial Partners in the second quarter worth about $79,000. 80.53% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Company Profile

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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