Pinnacle Financial Partners (NASDAQ:PNFP) Sets New 52-Week High – Time to Buy?

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $131.91 and last traded at $130.90, with a volume of 29862 shares. The stock had previously closed at $126.18.

Analyst Ratings Changes

Several analysts recently commented on PNFP shares. Wells Fargo & Company upped their price target on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Truist Financial upped their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Barclays raised their price target on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Citigroup upped their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, Stephens lifted their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average target price of $108.70.

Pinnacle Financial Partners Trading Down 1.2 %

The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The business has a 50 day moving average price of $107.27 and a 200-day moving average price of $93.63. The firm has a market capitalization of $9.91 billion, a PE ratio of 24.38 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.07. The firm had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same quarter in the prior year, the business posted $1.79 earnings per share. Analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. OneDigital Investment Advisors LLC grew its holdings in shares of Pinnacle Financial Partners by 1.3% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock worth $651,000 after acquiring an additional 88 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Pinnacle Financial Partners by 0.6% in the third quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock valued at $1,761,000 after purchasing an additional 100 shares during the last quarter. Blue Trust Inc. grew its holdings in Pinnacle Financial Partners by 10.6% in the third quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock valued at $129,000 after purchasing an additional 126 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Pinnacle Financial Partners by 44.5% in the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after buying an additional 133 shares in the last quarter. Finally, Strategic Blueprint LLC raised its stake in shares of Pinnacle Financial Partners by 3.4% during the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock worth $394,000 after buying an additional 133 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

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.