Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives $119.73 Average Price Target from Analysts

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have earned a consensus rating of “Hold” from the eleven analysts that are presently covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $119.73.

A number of equities analysts recently weighed in on PNFP shares. Truist Financial boosted their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target for the company. in a research report on Monday, November 18th. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Citigroup boosted their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st. Finally, UBS Group initiated coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock opened at $115.38 on Thursday. The stock has a market capitalization of $8.91 billion, a P/E ratio of 21.94 and a beta of 1.09. The business has a 50 day simple moving average of $118.61 and a two-hundred day simple moving average of $101.75. Pinnacle Financial Partners has a 12 month low of $73.62 and a 12 month high of $131.91. 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 posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same period in the prior year, the company earned $1.79 EPS. As a group, analysts predict that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.76%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.73%.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the sale, the chairman now owns 123,000 shares in the company, valued at $15,263,070. This represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,661 shares of company stock valued at $9,563,127 over the last 90 days. 1.87% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Institutional investors have recently bought and sold shares of the company. Azora Capital LP acquired a new stake in shares of Pinnacle Financial Partners during the third quarter worth about $64,326,000. Dimensional Fund Advisors LP lifted its holdings in Pinnacle Financial Partners by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after buying an additional 292,401 shares in the last quarter. FMR LLC boosted its position in Pinnacle Financial Partners by 11.6% in the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after buying an additional 282,016 shares during the period. Holocene Advisors LP acquired a new position in shares of Pinnacle Financial Partners in the third quarter worth $21,576,000. Finally, Principal Financial Group Inc. increased its position in shares of Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after acquiring an additional 208,938 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.

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.