Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives Consensus Recommendation of "Hold" from Analysts

Key Points

• Pinnacle Financial Partners has received a consensus rating of Hold from ten analysts, with an average 12-month price target of $114.80.
• Recent insider trading includes Director G Kennedy Thompson purchasing 10,000 shares at $85.65, increasing his ownership by 54.43%.
• The company reported quarterly earnings of $2.00 EPS, surpassing expectations and demonstrating a 15.1% increase in revenue compared to the same quarter last year.

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) has been assigned a consensus recommendation of "Hold" from the ten research firms that are covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $114.80.

Several research analysts recently issued reports on PNFP shares. JPMorgan Chase & Co. increased their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Citigroup reduced their price objective on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating for the company in a research note on Friday, July 25th. Barclays cut their price target 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. Hovde Group cut Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Finally, Jefferies Financial Group reiterated a "hold" rating and issued a $110.00 target price (down previously from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th.

Pinnacle Financial Partners Trading Up 0.4%

Pinnacle Financial Partners stock traded up $0.33 during mid-day trading on Friday, hitting $93.47. The company's stock had a trading volume of 89,679 shares, compared to its average volume of 739,906. Pinnacle Financial Partners has a one year low of $81.57 and a one year high of $131.91. The stock has a market cap of $7.25 billion, a PE ratio of 12.42 and a beta of 1.03. The company has a 50 day moving average of $104.31 and a 200-day moving average of $105.69. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. The firm had revenue of $504.99 million for the quarter, compared to analysts' expectations of $495.27 million. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The business's revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.63 earnings per share. On average, research analysts anticipate that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

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

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter acquired 1,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, July 31st. The stock was purchased at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the purchase, the chief financial officer directly owned 105,050 shares in the company, valued at $9,426,136.50. This trade represents a 0.96% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas C. Farnsworth III bought 1,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was purchased 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 ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 12,174 shares of company stock valued at $1,047,079. 1.46% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds have recently added to or reduced their stakes in the business. Westwood Holdings Group Inc. purchased a new stake in shares of Pinnacle Financial Partners in the second quarter worth about $20,932,000. Brooks Moore & Associates Inc. boosted its holdings in Pinnacle Financial Partners by 0.8% during the second quarter. Brooks Moore & Associates Inc. now owns 24,186 shares of the financial services provider's stock worth $2,670,000 after buying an additional 200 shares in the last quarter. Captrust Financial Advisors increased its holdings in Pinnacle Financial Partners by 16.9% in the second quarter. Captrust Financial Advisors now owns 81,497 shares of the financial services provider's stock valued at $8,998,000 after buying an additional 11,770 shares in the last quarter. MML Investors Services LLC boosted its stake in shares of Pinnacle Financial Partners by 2.8% during the 2nd quarter. MML Investors Services LLC now owns 28,024 shares of the financial services provider's stock worth $3,094,000 after acquiring an additional 752 shares in the last quarter. Finally, Man Group plc increased its stake in shares of Pinnacle Financial Partners by 10.4% in the 2nd quarter. Man Group plc now owns 15,555 shares of the financial services provider's stock valued at $1,717,000 after purchasing an additional 1,462 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other 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 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.