Pinnacle Financial Partners, Inc. (NYSE:PNFP) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) have been assigned a consensus rating of “Moderate Buy” from the nineteen brokerages that are covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $117.00.

Several research firms have recently weighed in on PNFP. Truist Financial lifted their target price on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. UBS Group lifted their price target on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Stephens set a $112.00 price target on Pinnacle Financial Partners in a research note on Monday, July 27th. Finally, TD Cowen increased their target price on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, July 27th.

Pinnacle Financial Partners Trading Up 1.2%

Shares of Pinnacle Financial Partners stock opened at $108.78 on Friday. The stock’s fifty day moving average is $99.18. The company has a market capitalization of $8.44 billion, a P/E ratio of 14.94, a P/E/G ratio of 0.43 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. Pinnacle Financial Partners has a 12-month low of $81.08 and a 12-month high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. On average, analysts predict that Pinnacle Financial Partners will post 10.2 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is presently 27.47%.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the stock in a transaction dated Friday, July 24th. The stock was purchased at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the transaction, the insider directly owned 324,233 shares in the company, valued at $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PNFP. Goldman Sachs Group Inc. lifted its holdings in shares of Pinnacle Financial Partners by 6.2% during the first quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock valued at $69,060,000 after purchasing an additional 37,989 shares in the last quarter. Focus Partners Wealth increased its stake in shares of Pinnacle Financial Partners by 13.9% in the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock worth $504,000 after purchasing an additional 581 shares in the last quarter. Amundi lifted its position in shares of Pinnacle Financial Partners by 25,700.0% during the 2nd quarter. Amundi now owns 4,386 shares of the company’s stock valued at $513,000 after buying an additional 4,369 shares in the last quarter. Jump Financial LLC bought a new position in shares of Pinnacle Financial Partners in the second quarter worth approximately $229,000. Finally, Cerity Partners LLC increased its stake in Pinnacle Financial Partners by 4.2% in the 2nd quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock worth $2,877,000 after buying an additional 1,039 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.