Pinnacle Financial Partners (NASDAQ:PNFP) – Equities research analysts at SunTrust Banks cut their Q1 2019 EPS estimates for Pinnacle Financial Partners in a note issued to investors on Tuesday, October 16th, Zacks Investment Research reports. SunTrust Banks analyst J. Demba now expects that the financial services provider will post earnings of $1.20 per share for the quarter, down from their prior estimate of $1.21. SunTrust Banks has a “Buy” rating and a $65.00 price target on the stock. SunTrust Banks also issued estimates for Pinnacle Financial Partners’ Q4 2019 earnings at $1.36 EPS.
Several other research analysts have also recently commented on the stock. BidaskClub upgraded shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating in a report on Saturday, August 18th. Zacks Investment Research cut shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a report on Tuesday, September 25th. Stephens restated a “buy” rating and set a $74.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, October 3rd. Wells Fargo & Co set a $72.00 price target on shares of Pinnacle Financial Partners and gave the stock a “buy” rating in a report on Tuesday, October 2nd. Finally, Raymond James decreased their price target on shares of Pinnacle Financial Partners from $72.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, October 18th. Three investment analysts have rated the stock with a sell rating and ten have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $70.67.
Pinnacle Financial Partners stock traded down $0.70 during trading hours on Thursday, hitting $53.25. 223,846 shares of the company traded hands, compared to its average volume of 761,281. Pinnacle Financial Partners has a 1-year low of $49.92 and a 1-year high of $69.95. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.51. The stock has a market cap of $4.17 billion, a price-to-earnings ratio of 14.92, a PEG ratio of 0.71 and a beta of 1.12.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, October 16th. The financial services provider reported $1.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.02. The firm had revenue of $240.90 million for the quarter, compared to analysts’ expectations of $236.67 million. Pinnacle Financial Partners had a net margin of 26.97% and a return on equity of 9.09%. During the same quarter last year, the company earned $0.90 EPS.
Institutional investors and hedge funds have recently modified their holdings of the stock. Qube Research & Technologies Ltd bought a new position in Pinnacle Financial Partners during the second quarter valued at approximately $133,000. Paloma Partners Management Co bought a new position in Pinnacle Financial Partners during the second quarter valued at approximately $209,000. IFP Advisors Inc raised its position in Pinnacle Financial Partners by 72.3% during the third quarter. IFP Advisors Inc now owns 5,159 shares of the financial services provider’s stock valued at $310,000 after acquiring an additional 2,164 shares in the last quarter. Brown Advisory Inc. bought a new position in Pinnacle Financial Partners during the first quarter valued at approximately $345,000. Finally, Quantitative Systematic Strategies LLC raised its position in Pinnacle Financial Partners by 25.2% during the second quarter. Quantitative Systematic Strategies LLC now owns 5,716 shares of the financial services provider’s stock valued at $351,000 after acquiring an additional 1,150 shares in the last quarter. 77.84% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the firm’s stock in a transaction that occurred on Tuesday, September 25th. The shares were sold at an average price of $63.49, for a total transaction of $101,584.00. Following the completion of the sale, the insider now directly owns 27,975 shares in the company, valued at $1,776,132.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 3.39% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Friday, November 2nd will be issued a dividend of $0.16 per share. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend is Thursday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 17.93%.
About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc operates as a 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, interest-bearing checking, money market, and certificate of deposit accounts.
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