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Downgrade Alert for Pinnacle Financial Partners (PNFP)

By James Quinn

Pinnacle Financial Partners (NASDAQ:PNFP) was downgraded from Buy to Hold at Sandler O'Neill today. The stock closed yesterday at $55.67 on volume of 235,000 shares, above average daily volume of 232,000.

Pinnacle Financial Partners share prices have moved between a 52-week high of $57.99 and a 52-week low of $43.32 and closed yesterday at 29% above that low price at $55.67 per share. The 200-day and 50-day moving averages have moved 0.28% lower and 0.34% higher over the past week, respectively.

Pinnacle Financial Partners, Inc. is a holding company for Pinnacle National Bank. The Bank operates as a community bank emphasizing personal banking relationships with individuals and businesses located in its primary service area, which is comprised of the metropolitan Nashville, Tennessee area and surrounding counties.

Pinnacle Financial Partners has overhead space with shares priced $55.67, or 1.9% below the average consensus analyst price target of $56.75. The stock should discover initial support at its 200-day moving average (MA) of $50.11 and subsequent support at its 50-day MA of $48.81.

SmarTrend recommended that subscribers consider buying shares of Pinnacle Financial Partners on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $51.53. Since that recommendation, shares of Pinnacle Financial Partners have risen 11.1%. We continue to monitor PNFP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades pinnacle financial partners

Ticker(s): PNFP