Pinnacle Financial Partners (NASDAQ:PNFP) Reaches New 12-Month High – Time to Buy?

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)’s share price reached a new 52-week high on Wednesday . The company traded as high as $108.06 and last traded at $107.80, with a volume of 27323 shares. The stock had previously closed at $104.14.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PNFP shares. Barclays increased their target price on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Truist Financial increased their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Hovde Group increased their target price on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. Citigroup increased their target price on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Moderate Buy” and a consensus price target of $106.60.

Pinnacle Financial Partners Stock Down 0.9 %

The stock’s 50 day simple moving average is $98.30 and its two-hundred day simple moving average is $88.44. The firm has a market cap of $8.14 billion, a P/E ratio of 20.05 and a beta of 1.05. The company has a debt-to-equity ratio of 0.42, 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, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The business had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same quarter last year, the firm earned $1.79 earnings per share. As a group, research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.81 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.83%. Pinnacle Financial Partners’s dividend payout ratio is 16.73%.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. boosted its stake in Pinnacle Financial Partners by 10.6% during the 3rd 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 raised its holdings in Pinnacle Financial Partners by 44.5% in the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 133 shares during the period. Strategic Blueprint LLC raised its holdings in Pinnacle Financial Partners by 3.4% in the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock worth $394,000 after purchasing an additional 133 shares during the period. GAMMA Investing LLC raised its holdings in Pinnacle Financial Partners by 16.5% in the 3rd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $97,000 after purchasing an additional 141 shares during the period. Finally, CANADA LIFE ASSURANCE Co raised its holdings in Pinnacle Financial Partners by 0.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock worth $4,930,000 after purchasing an additional 152 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

About Pinnacle Financial Partners

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.