Price Action To Observe: Time to Reconsider Pinnacle Financial Partners After Touching 52-Week High?

Price Action To Observe: Time to Reconsider Pinnacle Financial Partners After Touching 52 Week High?

The stock of Pinnacle Financial Partners (NASDAQ:PNFP) hit a new 52-week high and has $93.87 target or 49.00% above today’s $63.00 share price. The 9 months bullish chart indicates low risk for the $2.97 billion company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $93.87 price target is reached, the company will be worth $1.46B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 45,866 shares traded hands. Pinnacle Financial Partners (NASDAQ:PNFP) has risen 22.89% since April 19, 2016 and is uptrending. It has outperformed by 19.03% the S&P500.

Pinnacle Financial Partners (NASDAQ:PNFP) Ratings Coverage

Out of 11 analysts covering Pinnacle Financial Partners (NASDAQ:PNFP), 3 rate it a “Buy”, 0 “Sell”, while 8 “Hold”. This means 27% are positive. Pinnacle Financial Partners has been the topic of 15 analyst reports since July 23, 2015 according to StockzIntelligence Inc. Hovde Group upgraded the shares of PNFP in a report on Monday, January 25 to “Market Perform” rating. Piper Jaffray initiated Pinnacle Financial Partners (NASDAQ:PNFP) rating on Monday, August 24. Piper Jaffray has “Neutral” rating and $53 price target. The stock of Pinnacle Financial Partners (NASDAQ:PNFP) has “Neutral” rating given on Thursday, October 20 by Hilliard Lyons. The firm earned “Hold” rating on Tuesday, September 13 by Sandler O’Neill. Bruyette & Woods” downgraded the shares of PNFP in a report on Thursday, July 23 to “Mkt Perform” rating. The rating was downgraded by Wood to “Market Perform” on Thursday, July 23. Portales Partners downgraded Pinnacle Financial Partners (NASDAQ:PNFP) on Wednesday, July 22 to “Sector Perform” rating. On Friday, January 29 the stock rating was upgraded by Stephens to “Overweight”. The stock of Pinnacle Financial Partners (NASDAQ:PNFP) has “Outperform” rating given on Friday, September 11 by Wood. On Monday, July 27 the stock rating was downgraded by FIG Partners to “Market Perform”.

According to Zacks Investment Research, “Pinnacle Financial Partners, Inc. is a bank holding company which owns 100% of the capital stock of Pinnacle National Bank, a national bank operating in the Nashville, Tennessee metropolitan area.”

Insitutional Activity: The institutional sentiment increased to 1.87 in 2016 Q2. Its up 0.24, from 1.63 in 2016Q1. The ratio improved, as 14 funds sold all Pinnacle Financial Partners shares owned while 43 reduced positions. 16 funds bought stakes while 77 increased positions. They now own 29.14 million shares or 0.44% less from 29.27 million shares in 2016Q1.
Wedge Cap Mgmt L L P Nc reported 138,741 shares or 0.09% of all its holdings. The Tennessee-based Lee Danner And Bass has invested 0.17% in Pinnacle Financial Partners (NASDAQ:PNFP). Emerald Mutual Fund Advisers Trust has invested 0.37% of its portfolio in Pinnacle Financial Partners (NASDAQ:PNFP). Tower Capital (Trc) accumulated 0.01% or 1,677 shares. Blackrock Grp Incorporated holds 54,534 shares or 0% of its portfolio. Thrivent Financial For Lutherans last reported 18,470 shares in the company. Arizona State Retirement Systems owns 20,096 shares or 0.01% of their US portfolio. Guggenheim Limited Liability holds 57,783 shares or 0.01% of its portfolio. Cortina Asset Mngmt Ltd accumulated 0.27% or 120,244 shares. Los Angeles Cap Mgmt & Equity Research, a California-based fund reported 30,201 shares. Mutual Of America Cap Lc holds 0.06% or 61,669 shares in its portfolio. First Trust Advsrs Lp, a Illinois-based fund reported 53,566 shares. Patten Patten Tn accumulated 46,802 shares or 0.32% of the stock. Ls Ltd Liability holds 1,255 shares or 0% of its portfolio. Lbmc Inv Lc, a Tennessee-based fund reported 21,934 shares.

Insider Transactions: Since June 7, 2016, the stock had 0 buys, and 5 selling transactions for $1.95 million net activity. Another trade for 2,000 shares valued at $100,420 was made by HUDDLESTON WILLIAM H IV on Tuesday, June 7. Another trade for 5,889 shares valued at $359,523 was sold by CARPENTER HAROLD R. MCCABE ROBERT A JR also sold $936,075 worth of Pinnacle Financial Partners (NASDAQ:PNFP) on Thursday, November 10. On Tuesday, November 1 the insider LOUGHRY ED C JR sold $92,190. Shares for $460,865 were sold by QUEENER HUGH M.

More recent Pinnacle Financial Partners (NASDAQ:PNFP) news were published by: Nasdaq.com which released: “Pinnacle Financial Partners Reaches Analyst Target Price” on November 14, 2016. Also Bizjournals.com published the news titled: “Best Places to Work finalist: Pinnacle Financial Partners” on October 25, 2016. Nasdaq.com‘s news article titled: “Ex-Dividend Reminder: Capitol Federal Financial, Pinnacle Financial Partners …” with publication date: October 31, 2016 was also an interesting one.

PNFP Company Profile

Pinnacle Financial Partners, Inc. (Pinnacle), incorporated on February 28, 2000, is a bank holding company. Pinnacle operates through its subsidiary, Pinnacle Bank. The Firm operates as a community bank primarily in the urban markets of Nashville and Knoxville, Tennessee. As an urban community bank, Pinnacle provides the personalized service associated with small community banks, while seeking to offer the services and products, such as investments and treasury management, offered by large regional and national banks. Pinnacle Bank offers an array of convenience-centered services and products, including round the clock telephone and Internet banking, mobile banking, debit and credit cards, direct deposit, remote deposit and cash management services for small- to medium-sized businesses. In addition, Pinnacle Bank is associated with a network of automated teller machines of other financial institutions that its clients are able to use throughout Tennessee and other regions across the nation.

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