Pinnacle Financial Partners (NASDAQ:PNFP) Rating Increased to Strong-Buy at Truist Financial

Truist Financial upgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP) from a buy rating to a strong-buy rating in a research note released on Monday, MarketBeat reports.

Other research analysts have also issued research reports about the company. Stephens restated an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. JPMorgan Chase & Co. decreased their target price on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Barclays dropped their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Wells Fargo & Company reduced their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Finally, Keefe, Bruyette & Woods lowered their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating on the stock in a research note on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average price target of $119.90.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $111.39 on Monday. 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 company’s fifty day moving average price is $100.58 and its 200 day moving average price is $112.25. The stock has a market capitalization of $8.62 billion, a P/E ratio of 18.63 and a beta of 1.00. Pinnacle Financial Partners has a 1 year low of $73.62 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. During the same period last year, the company posted $1.53 EPS. As a group, equities research analysts anticipate that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.86%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 15.53%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the transaction, the director now owns 9,943 shares in the company, valued at approximately $1,009,711.65. This represents a 23.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $113.81, for a total value of $4,552,400.00. Following the completion of the transaction, the chairman now directly owns 83,000 shares of the company’s stock, valued at $9,446,230. This trade represents a 32.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,041 shares of company stock valued at $5,062,386 over the last 90 days. 1.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PNFP. Norges Bank purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter worth about $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 buying an additional 705,000 shares during the period. Van Lanschot Kempen Investment Management N.V. acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $78,110,000. Capital Research Global Investors increased its holdings in shares of Pinnacle Financial Partners by 57.0% in the fourth 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 stake in shares of Pinnacle Financial Partners during the fourth quarter worth $44,737,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

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.