Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Given Consensus Rating of “Moderate Buy” by Brokerages

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has been given a consensus rating of “Moderate Buy” by the ten research firms that are covering the firm, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $106.60.

PNFP has been the topic of several recent research reports. Truist Financial upped their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Citigroup upped their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Hovde Group lifted their price target on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Barclays upped their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Finally, Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC purchased a new position in shares of Pinnacle Financial Partners in the second quarter valued at approximately $29,000. Ashton Thomas Securities LLC purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $30,000. Versant Capital Management Inc boosted its holdings in shares of Pinnacle Financial Partners by 44.5% in the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 133 shares during the period. UMB Bank n.a. boosted its stake in Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares during the period. Finally, Values First Advisors Inc. purchased a new position in shares of Pinnacle Financial Partners during the third quarter worth about $49,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $126.18 on Wednesday. The stock has a market cap of $9.75 billion, a P/E ratio of 23.99 and a beta of 1.04. Pinnacle Financial Partners has a 12 month low of $63.77 and a 12 month high of $128.93. The company has a 50 day moving average of $100.58 and a 200 day moving average of $90.26. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The business had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. During the same quarter in the prior year, the firm earned $1.79 earnings per share. As a group, sell-side analysts forecast that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is presently 16.73%.

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.