Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives $125.18 Average Target Price from Brokerages

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has received a consensus rating of “Hold” from the eleven brokerages that are covering the company, Marketbeat Ratings reports. Six analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $125.18.

A number of research analysts have recently issued reports on the stock. UBS Group assumed coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target on the stock. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. JPMorgan Chase & Co. lowered their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Finally, Stephens restated an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd.

Insider Transactions at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the company’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 of the company’s stock, valued at approximately $15,263,070. This represents a 28.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David B. Ingram sold 20,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the transaction, the director now directly owns 92,565 shares in the company, valued at approximately $11,665,041.30. This represents a 17.77 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 126,970 shares of company stock worth $15,922,061. 1.87% of the stock is currently owned by corporate insiders.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors have recently added to or reduced their stakes in PNFP. Vanguard Group Inc. boosted its position in Pinnacle Financial Partners by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider’s stock valued at $823,652,000 after buying an additional 87,058 shares during the period. FMR LLC increased its position in shares of Pinnacle Financial Partners by 10.6% in the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider’s stock valued at $343,549,000 after acquiring an additional 286,894 shares during the period. North Reef Capital Management LP raised its stake in shares of Pinnacle Financial Partners by 57.1% during the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock valued at $221,917,000 after acquiring an additional 705,000 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of Pinnacle Financial Partners by 57.0% during the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock worth $178,425,000 after purchasing an additional 566,061 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of Pinnacle Financial Partners by 16.5% in the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider’s stock worth $172,072,000 after purchasing an additional 213,505 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Down 0.4 %

Shares of NASDAQ PNFP opened at $112.57 on Friday. The firm has a 50 day moving average price of $118.49 and a two-hundred day moving average price of $110.19. The stock has a market cap of $8.70 billion, a P/E ratio of 18.82 and a beta of 1.09. Pinnacle Financial Partners has a 52-week low of $73.62 and a 52-week high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The business had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. Pinnacle Financial Partners’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.68 earnings per share. As a group, equities analysts forecast that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be given a dividend of $0.24 per share. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a yield of 0.85%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

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.