Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has received an average rating of “Moderate Buy” from the ten brokerages that are presently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $99.00.

A number of analysts have recently issued reports on PNFP shares. Barclays lifted their price objective on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Thursday, July 18th. Hovde Group cut their price target on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a report on Tuesday, April 23rd. JPMorgan Chase & Co. cut their price target on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. Truist Financial increased their target price on Pinnacle Financial Partners from $87.00 to $101.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, Stephens lowered their price objective on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd.

Institutional Trading of Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Edgestream Partners L.P. grew its holdings in Pinnacle Financial Partners by 1,017.9% in the second quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider’s stock valued at $5,688,000 after purchasing an additional 64,707 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Pinnacle Financial Partners by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after acquiring an additional 292,401 shares during the period. Envestnet Asset Management Inc. grew its holdings in Pinnacle Financial Partners by 2.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 250,832 shares of the financial services provider’s stock worth $20,077,000 after acquiring an additional 4,853 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of Pinnacle Financial Partners by 19.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 121,986 shares of the financial services provider’s stock worth $9,764,000 after acquiring an additional 19,963 shares during the period. Finally, Thoroughbred Financial Services LLC raised its position in Pinnacle Financial Partners by 357.5% in the second quarter. Thoroughbred Financial Services LLC now owns 11,839 shares of the financial services provider’s stock worth $947,000 after acquiring an additional 9,251 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock traded down $0.17 during trading hours on Monday, reaching $86.97. 260,243 shares of the company traded hands, compared to its average volume of 456,253. The company has a market cap of $6.72 billion, a P/E ratio of 12.44 and a beta of 1.07. Pinnacle Financial Partners has a 12-month low of $59.66 and a 12-month high of $98.58. The firm has a 50-day moving average price of $83.23 and a 200 day moving average price of $82.82. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.03. The business had revenue of $366.55 million during the quarter, compared to the consensus estimate of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. As a group, sell-side analysts predict that Pinnacle Financial Partners will post 6.83 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 2nd will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.01%. The ex-dividend date is Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.59%.

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.