Pinnacle Financial Partners, Inc. (NYSE:PNFP) Receives $119.68 Average Target Price from Brokerages

Pinnacle Financial Partners, Inc. (NYSE:PNFP) has received a consensus recommendation of “Moderate Buy” from the twenty-one research firms that are currently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation, fifteen have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $119.6842.

A number of analysts have weighed in on the company. Truist Financial boosted their price target on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Morgan Stanley started coverage on Pinnacle Financial Partners in a research note on Tuesday, September 8th. They issued an “overweight” rating and a $137.00 price objective on the stock. JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Hovde Group started coverage on Pinnacle Financial Partners in a research report on Wednesday, September 16th. They set an “outperform” rating and a $125.00 target price for the company. Finally, Benchmark increased their price target on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 5th.

Pinnacle Financial Partners Stock Down 0.1%

Shares of PNFP opened at $96.61 on Friday. The firm has a market cap of $7.49 billion, a price-to-earnings ratio of 13.27, a price-to-earnings-growth ratio of 0.39 and a beta of 1.01. The business’s fifty day simple moving average is $101.99. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. 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 data on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.04. The business had revenue of $1.24 billion during 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%. As a group, research analysts predict that Pinnacle Financial Partners will post 10.17 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.47%.

Insider Activity

In other Pinnacle Financial Partners news, insider Robert McCabe, Jr. acquired 10,013 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were acquired at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the purchase, the insider owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Gregory Montana acquired 500 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The shares were acquired at an average cost of $98.61 per share, with a total value of $49,305.00. Following the transaction, the director directly owned 4,959 shares in the company, valued at $489,006.99. The trade was a 11.21% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 13,078 shares of company stock worth $1,299,640 and sold 177,228 shares worth $19,153,713. Insiders own 1.30% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

A number of hedge funds have recently bought and sold shares of the stock. National Pension Service acquired a new stake in Pinnacle Financial Partners during the second quarter worth about $267,000. WINTON GROUP Ltd raised its holdings in Pinnacle Financial Partners by 9.3% in the 2nd quarter. WINTON GROUP Ltd now owns 73,864 shares of the company’s stock valued at $7,451,000 after acquiring an additional 6,299 shares in the last quarter. Engineers Gate Manager LP acquired a new position in Pinnacle Financial Partners in the 2nd quarter valued at approximately $490,000. NewEdge Advisors LLC lifted its position in shares of Pinnacle Financial Partners by 10.6% in the 2nd quarter. NewEdge Advisors LLC now owns 52,910 shares of the company’s stock worth $5,338,000 after acquiring an additional 5,062 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in shares of Pinnacle Financial Partners in the 2nd quarter worth approximately $7,244,000. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.