Pinnacle Financial Partners (NASDAQ:PNFP) Now Covered by UBS Group

UBS Group started coverage on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $133.00 target price on the financial services provider’s stock.

PNFP has been the topic of several other reports. Barclays boosted their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Truist Financial increased their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Citigroup lifted their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research report on Monday, November 18th. Finally, Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $117.55.

Pinnacle Financial Partners Trading Down 1.4 %

Pinnacle Financial Partners stock opened at $117.03 on Tuesday. Pinnacle Financial Partners has a 12-month low of $73.62 and a 12-month high of $131.91. The stock has a market capitalization of $9.04 billion, a PE ratio of 22.19 and a beta of 1.08. The firm has a 50 day simple moving average of $114.72 and a 200-day simple moving average of $97.77. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. During the same period last year, the company posted $1.79 EPS. As a group, equities research analysts expect that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.75%. The ex-dividend date of this dividend was Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director David B. Ingram sold 3,610 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $126.07, for a total value of $455,112.70. Following the transaction, the director now owns 139,489 shares in the company, valued at approximately $17,585,378.23. This represents a 2.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the sale, the chief financial officer now owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. The trade was a 4.78 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC purchased a new position in Pinnacle Financial Partners in the second quarter valued at about $29,000. Ashton Thomas Securities LLC acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at about $30,000. UMB Bank n.a. grew its stake in shares of Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after buying an additional 226 shares in the last quarter. Values First Advisors Inc. bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at approximately $49,000. Finally, Quarry LP increased its holdings in Pinnacle Financial Partners by 3,500.0% in the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after buying an additional 735 shares during the last quarter. 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.