Pinnacle Financial Partners (NASDAQ:PNFP - Free Report) had its price objective lowered by JPMorgan Chase & Co. from $125.00 to $115.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider's stock.
PNFP has been the subject of a number of other reports. Stephens reaffirmed an "overweight" rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Hovde Group upgraded shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective on the stock in a report on Wednesday, April 16th. Barclays cut their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Citigroup lifted their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a report on Tuesday, December 31st. Finally, Wells Fargo & Company lowered their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $119.50.
Check Out Our Latest Stock Analysis on PNFP
Pinnacle Financial Partners Price Performance
NASDAQ PNFP traded down $1.43 on Wednesday, hitting $93.68. The company had a trading volume of 485,018 shares, compared to its average volume of 507,874. The company's fifty day moving average price is $104.70 and its 200-day moving average price is $112.02. Pinnacle Financial Partners has a 12-month low of $73.62 and a 12-month high of $131.91. The company has a market capitalization of $7.25 billion, a PE ratio of 15.67 and a beta of 0.94. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.82 by $0.08. The firm had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same period in the previous year, the company posted $1.53 earnings per share. As a group, analysts predict that Pinnacle Financial Partners will post 7.85 earnings per share for the current year.
Pinnacle Financial Partners Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.02%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio (DPR) is 15.53%.
Insider Activity at Pinnacle Financial Partners
In other news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the business's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $113.81, for a total value of $4,552,400.00. Following the completion of the transaction, the chairman now directly owns 83,000 shares of the company's stock, valued at $9,446,230. The trade was a 32.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David B. Ingram sold 10,309 shares of the business's stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $126.00, for a total value of $1,298,934.00. Following the completion of the transaction, the director now owns 82,256 shares of the company's stock, valued at $10,364,256. This trade represents a 11.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock worth $11,421,320 in the last quarter. Company insiders own 1.46% of the company's stock.
Institutional Trading of Pinnacle Financial Partners
Institutional investors have recently made changes to their positions in the stock. Barclays PLC raised its stake in shares of Pinnacle Financial Partners by 117.0% in the 3rd quarter. Barclays PLC now owns 167,838 shares of the financial services provider's stock valued at $16,442,000 after acquiring an additional 90,478 shares during the period. Geode Capital Management LLC lifted its stake in shares of Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider's stock worth $130,192,000 after purchasing an additional 8,604 shares in the last quarter. Sanctuary Advisors LLC boosted its position in shares of Pinnacle Financial Partners by 585.1% in the third quarter. Sanctuary Advisors LLC now owns 27,465 shares of the financial services provider's stock worth $2,691,000 after buying an additional 23,456 shares during the period. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at about $229,000. Finally, Principal Financial Group Inc. boosted its holdings in Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock worth $96,332,000 after acquiring an additional 208,938 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.
About Pinnacle Financial Partners
(
Get Free Report)
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.
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