Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives $119.73 Average PT from Analysts

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have been assigned an average recommendation of “Hold” from the eleven ratings firms that are presently covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $119.73.

Several equities research analysts recently issued reports on PNFP shares. Truist Financial increased their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Stephens boosted their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Citigroup boosted their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st. Finally, Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $120.00 to $135.00 in a research note on Thursday, December 19th.

Pinnacle Financial Partners Trading Up 1.7 %

Shares of Pinnacle Financial Partners stock opened at $115.42 on Thursday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $8.92 billion, a PE ratio of 21.94 and a beta of 1.09. Pinnacle Financial Partners has a 1-year low of $73.62 and a 1-year high of $131.91. The company’s fifty day simple moving average is $118.38 and its 200-day simple moving average is $101.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating 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 company had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. During the same period in the previous year, the business earned $1.79 earnings per share. As a group, equities analysts anticipate that Pinnacle Financial Partners will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.76%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.73%.

Insider Transactions at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 20,000 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $126.02, for a total value of $2,520,400.00. Following the transaction, the director now directly owns 92,565 shares of the company’s stock, valued at $11,665,041.30. This represents a 17.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the sale, the chairman now owns 123,000 shares in the company, valued at approximately $15,263,070. The trade was a 28.90 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,661 shares of company stock valued at $9,563,127. Corporate insiders own 1.87% of the company’s stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Azora Capital LP purchased a new stake in shares of Pinnacle Financial Partners in the third quarter worth about $64,326,000. Dimensional Fund Advisors LP grew its stake in shares of Pinnacle Financial Partners by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after purchasing an additional 292,401 shares during the period. FMR LLC increased its holdings in shares of Pinnacle Financial Partners by 11.6% during the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after purchasing an additional 282,016 shares in the last quarter. Holocene Advisors LP acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at $21,576,000. Finally, Principal Financial Group Inc. boosted its holdings in Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Company Profile

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.