Pinnacle Financial Partners (NASDAQ:PNFP) Given New $125.00 Price Target at Wells Fargo & Company

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target raised by Wells Fargo & Company from $120.00 to $125.00 in a research report report published on Thursday,Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

PNFP has been the subject of a number of other reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. UBS Group initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price on the stock. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Finally, Stephens reissued an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus target price of $125.18.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $123.28 on Thursday. The company has a market capitalization of $9.52 billion, a P/E ratio of 20.62 and a beta of 1.09. Pinnacle Financial Partners has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a 50 day moving average price of $119.31 and a two-hundred day moving average price of $105.53.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to analyst estimates of $470,334.57 billion. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm’s revenue was up 19.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.68 EPS. Analysts expect that Pinnacle Financial Partners will post 7.56 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.78%. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s payout ratio is presently 16.05%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 20,000 shares of the 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 sale, the director now directly owns 92,565 shares of the company’s stock, valued at approximately $11,665,041.30. This represents a 17.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of Pinnacle Financial Partners 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 completion of the transaction, the chairman now directly owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,661 shares of company stock valued at $9,563,127. Corporate insiders own 1.87% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

Institutional investors and hedge funds have recently bought and sold shares of the company. Hsbc Holdings PLC lifted its holdings in shares of Pinnacle Financial Partners by 14.6% during the second quarter. Hsbc Holdings PLC now owns 4,818 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 613 shares in the last quarter. Intech Investment Management LLC bought a new position in Pinnacle Financial Partners during the 2nd quarter valued at about $368,000. Sei Investments Co. boosted its holdings in shares of Pinnacle Financial Partners by 15.8% during the 2nd quarter. Sei Investments Co. now owns 268,208 shares of the financial services provider’s stock valued at $21,467,000 after acquiring an additional 36,604 shares during the last quarter. Evergreen Capital Management LLC grew its stake in shares of Pinnacle Financial Partners by 9.9% in the second quarter. Evergreen Capital Management LLC now owns 2,664 shares of the financial services provider’s stock worth $213,000 after acquiring an additional 240 shares during the period. Finally, Bank of Montreal Can raised its holdings in shares of Pinnacle Financial Partners by 2.4% during the second quarter. Bank of Montreal Can now owns 9,158 shares of the financial services provider’s stock valued at $734,000 after purchasing an additional 215 shares during the last quarter. 87.40% of the stock is currently 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.