Pinnacle Financial Partners (NASDAQ:PNFP) Sets New 1-Year High – What’s Next?

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

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PNFP. Stephens raised their price objective 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. Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Barclays upped their price target on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Truist Financial raised their price objective 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. Finally, Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a research note on Monday, November 18th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average price target of $108.70.

Pinnacle Financial Partners Trading Up 2.5 %

The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm’s 50 day moving average is $105.94 and its two-hundred day moving average is $92.99. The stock has a market cap of $9.99 billion, a price-to-earnings ratio of 23.99 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same quarter in the previous year, the company posted $1.79 earnings per share. Equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.68%. Pinnacle Financial Partners’s dividend payout ratio is presently 16.73%.

Institutional Trading of Pinnacle Financial Partners

Several hedge funds have recently added to or reduced their stakes in PNFP. Ashton Thomas Securities LLC bought a new position in shares of Pinnacle Financial Partners in the third quarter valued at approximately $30,000. International Assets Investment Management LLC acquired a new position in Pinnacle Financial Partners during the second quarter valued at $29,000. Versant Capital Management Inc boosted its position in Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 133 shares during the period. UMB Bank n.a. increased its holdings in shares of Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 226 shares during the period. Finally, Values First Advisors Inc. acquired a new stake in shares of Pinnacle Financial Partners during the third quarter worth approximately $49,000. Institutional investors 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.