Stephens Reiterates “Overweight” Rating for Pinnacle Financial Partners (NASDAQ:PNFP)

Pinnacle Financial Partners (NASDAQ:PNFP)‘s stock had its “overweight” rating reissued by research analysts at Stephens in a report released on Wednesday,Benzinga reports. They presently have a $142.00 price target on the financial services provider’s stock. Stephens’ price target suggests a potential upside of 17.68% from the stock’s previous close.

PNFP has been the topic of several other reports. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a report on Monday, November 18th. JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Wells Fargo & Company raised their price objective on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, UBS Group initiated 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. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average target price of $124.73.

Pinnacle Financial Partners Stock Up 0.4 %

Shares of NASDAQ:PNFP traded up $0.45 during midday trading on Wednesday, hitting $120.67. 192,220 shares of the stock were exchanged, compared to its average volume of 450,923. The company has a market capitalization of $9.32 billion, a PE ratio of 22.94 and a beta of 1.09. Pinnacle Financial Partners has a 52-week low of $73.62 and a 52-week high of $131.91. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The business’s fifty day simple moving average is $119.52 and its two-hundred day simple moving average is $104.47.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.80 by $0.10. The business had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470,334.57 billion. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.68 EPS. As a group, research analysts predict that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the sale, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. This represents a 4.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the transaction, the chairman now owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 76,661 shares of company stock valued at $9,563,127. 1.87% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hunter Perkins Capital Management LLC lifted its position in Pinnacle Financial Partners by 3.6% during the fourth quarter. Hunter Perkins Capital Management LLC now owns 15,690 shares of the financial services provider’s stock worth $1,795,000 after purchasing an additional 545 shares during the period. KBC Group NV increased its stake in Pinnacle Financial Partners by 1,054.3% in the fourth quarter. KBC Group NV now owns 26,722 shares of the financial services provider’s stock valued at $3,057,000 after acquiring an additional 24,407 shares during the last quarter. Blue Trust Inc. raised its position in Pinnacle Financial Partners by 20.6% during the fourth quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider’s stock valued at $181,000 after purchasing an additional 271 shares in the last quarter. Tennessee Valley Asset Management Partners bought a new stake in Pinnacle Financial Partners during the fourth quarter worth $209,000. Finally, Kraft Asset Management LLC acquired a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at $243,000. 87.40% 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 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.