Hovde Group Cuts Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $120.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price trimmed by Hovde Group from $135.00 to $120.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has a market perform rating on the financial services provider’s stock.

Several other brokerages have also recently weighed in on PNFP. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. UBS Group assumed coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective on the stock. Wells Fargo & Company boosted their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Finally, JPMorgan Chase & Co. cut their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $123.82.

Pinnacle Financial Partners Stock Down 5.1 %

Shares of NASDAQ:PNFP opened at $87.19 on Wednesday. The business’s 50 day moving average is $112.41 and its 200 day moving average is $112.29. The stock has a market cap of $6.75 billion, a P/E ratio of 14.58 and a beta of 0.94. Pinnacle Financial Partners has a 52-week low of $73.62 and a 52-week high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. The business had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business’s revenue was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.68 EPS. Sell-side analysts predict that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, February 7th. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.10%. Pinnacle Financial Partners’s payout ratio is 16.05%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the transaction, the director now directly owns 40,991 shares of the company’s stock, valued at approximately $5,185,361.50. This trade represents a 49.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the sale, the director now owns 9,943 shares in the company, valued at $1,009,711.65. The trade was a 23.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,350 shares of company stock valued at $11,421,320 in the last ninety days. Company insiders own 1.46% of the company’s stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in PNFP. Kapitalo Investimentos Ltda purchased a new position in Pinnacle Financial Partners during the fourth quarter worth approximately $78,000. UMB Bank n.a. increased its stake in Pinnacle Financial Partners by 48.1% during the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 239 shares during the last quarter. Principal Securities Inc. raised its holdings in Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after buying an additional 91 shares during the period. Trust Co. of Vermont acquired a new stake in Pinnacle Financial Partners in the 4th quarter valued at approximately $97,000. Finally, Values First Advisors Inc. raised its holdings in shares of Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock valued at $167,000 after buying an additional 955 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

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.