Pinnacle Financial Partners (NASDAQ:PNFP) Coverage Initiated at UBS Group

Investment analysts at UBS Group assumed coverage on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a note issued to investors on Tuesday. The brokerage set a “neutral” rating on the financial services provider’s stock.

PNFP has been the subject of a number of other research reports. Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a research report on Monday, November 18th. Stephens boosted their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Barclays raised their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Finally, Citigroup lifted their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and an average price target of $113.64.

Pinnacle Financial Partners Trading Down 1.7 %

Shares of Pinnacle Financial Partners stock traded down $2.05 during trading on Tuesday, hitting $116.70. The stock had a trading volume of 98,090 shares, compared to its average volume of 470,224. The stock has a market cap of $9.01 billion, a PE ratio of 22.19 and a beta of 1.08. Pinnacle Financial Partners has a 12 month low of $73.62 and a 12 month high of $131.91. The firm’s fifty day simple moving average is $114.72 and its 200-day simple moving average is $97.77. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter in the prior year, the firm posted $1.79 earnings per share. As a group, sell-side analysts expect that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director David B. Ingram sold 3,610 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $126.07, for a total value of $455,112.70. Following the completion of the sale, the director now directly owns 139,489 shares of the company’s stock, valued at $17,585,378.23. This trade represents a 2.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now owns 60,805 shares in the company, valued at $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 76,661 shares of company stock valued at $9,563,127. 1.87% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Azora Capital LP purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $64,326,000. Dimensional Fund Advisors LP lifted its stake in Pinnacle Financial Partners by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after acquiring an additional 292,401 shares during the last quarter. FMR LLC grew its holdings in Pinnacle Financial Partners by 11.6% during the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after acquiring an additional 282,016 shares in the last quarter. Holocene Advisors LP purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at approximately $21,576,000. Finally, Principal Financial Group Inc. raised its stake in Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after buying an additional 208,938 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

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.