Barclays Cuts Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $125.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price lowered by Barclays from $135.00 to $125.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Hovde Group decreased their price objective on Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating for the company in a report on Wednesday, April 2nd. JPMorgan Chase & Co. dropped their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Stephens restated an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Finally, UBS Group began coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $124.70.

Pinnacle Financial Partners Stock Down 6.2 %

PNFP stock opened at $90.33 on Tuesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $6.99 billion, a P/E ratio of 15.11 and a beta of 0.94. Pinnacle Financial Partners has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The business has a 50-day moving average of $108.36 and a 200-day moving average of $111.97.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. During the same quarter in the prior year, the firm posted $1.68 EPS. The business’s revenue was up 19.9% on a year-over-year basis. On average, sell-side analysts anticipate that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were issued a dividend of $0.24 per share. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 1.06%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.05%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the sale, the director now directly owns 9,943 shares in the company, valued at $1,009,711.65. This trade represents a 23.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director David B. Ingram sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the transaction, the director now directly owns 40,991 shares in the company, valued at $5,185,361.50. The trade was a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,350 shares of company stock valued at $11,421,320 over the last ninety days. 1.46% of the stock is currently owned by company insiders.

Institutional Trading of Pinnacle Financial Partners

Several hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new position in Pinnacle Financial Partners during the 4th quarter worth $101,798,000. North Reef Capital Management LP increased its position in Pinnacle Financial Partners by 57.1% during the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock worth $221,917,000 after acquiring an additional 705,000 shares during the period. Van Lanschot Kempen Investment Management N.V. acquired a new stake in Pinnacle Financial Partners in the 4th quarter worth about $78,110,000. Capital Research Global Investors boosted its holdings in Pinnacle Financial Partners by 57.0% in the 4th quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock valued at $178,425,000 after purchasing an additional 566,061 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $44,737,000. 87.40% of the stock is owned by institutional investors and hedge funds.

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.