Pinnacle Financial Partners (NASDAQ:PNFP) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday, 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. "
Several other research analysts also recently issued reports on the company. Truist lifted their price objective on Pinnacle Financial Partners from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Thursday. Seaport Res Ptn restated a "buy" rating on shares of Pinnacle Financial Partners in a research report on Friday, May 21st. Raymond James reiterated a "market perform" rating on shares of Pinnacle Financial Partners in a report on Tuesday, April 27th. Seaport Global Securities assumed coverage on Pinnacle Financial Partners in a report on Friday, May 21st. They issued a "buy" rating and a $103.00 price target for the company. Finally, Wells Fargo & Company upgraded Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and set a $105.00 price target for the company in a report on Wednesday, April 21st. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Pinnacle Financial Partners has a consensus rating of "Buy" and a consensus price target of $93.00.
Shares of NASDAQ:PNFP opened at $88.82 on Friday. The stock's 50 day moving average price is $89.03. The stock has a market cap of $6.76 billion, a price-to-earnings ratio of 14.47 and a beta of 1.38. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.92. Pinnacle Financial Partners has a 12 month low of $32.80 and a 12 month high of $96.52.
Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Monday, July 19th. The financial services provider reported $1.68 EPS for the quarter, topping the Thomson Reuters' consensus estimate of $1.44 by $0.24. The business had revenue of $331.43 million for the quarter, compared to analyst estimates of $315.54 million. Pinnacle Financial Partners had a return on equity of 10.35% and a net margin of 34.35%. The company's quarterly revenue was up 21.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.28 EPS. On average, sell-side analysts expect that Pinnacle Financial Partners will post 5.87 EPS for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Harvest Fund Management Co. Ltd purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at $46,000. CWM LLC grew its stake in shares of Pinnacle Financial Partners by 48.1% during the 1st quarter. CWM LLC now owns 659 shares of the financial services provider's stock valued at $58,000 after buying an additional 214 shares during the period. International Assets Investment Management LLC grew its stake in shares of Pinnacle Financial Partners by 100.0% during the 1st quarter. International Assets Investment Management LLC now owns 900 shares of the financial services provider's stock valued at $69,000 after buying an additional 450 shares during the period. Concord Wealth Partners purchased a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at $107,000. Finally, Panagora Asset Management Inc. purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at $119,000. 80.30% of the stock is owned by institutional investors.
About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the 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, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts.
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