Brokerages Set Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Price Target at $119.73

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have been assigned an average rating of “Hold” from the eleven research firms that are covering the firm, Marketbeat reports. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $122.73.

Several research analysts have commented on the stock. Stephens boosted their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Wells Fargo & Company increased their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Citigroup increased their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. Finally, Truist Financial boosted their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st.

Pinnacle Financial Partners Stock Up 1.2 %

Shares of NASDAQ PNFP opened at $115.49 on Thursday. Pinnacle Financial Partners has a 12-month low of $73.62 and a 12-month high of $131.91. The stock has a market cap of $8.92 billion, a P/E ratio of 21.96 and a beta of 1.09. 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’s fifty day simple moving average is $118.99 and its 200-day simple moving average is $102.11.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data 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 return on equity of 8.89% and a net margin of 13.97%. The business had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter last year, the business posted $1.79 EPS. As a group, equities analysts predict that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were given a dividend of $0.22 per share. The ex-dividend date was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.76%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.73%.

Insider Activity

In other Pinnacle Financial Partners news, Director David B. Ingram sold 3,610 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $126.07, for a total value of $455,112.70. Following the transaction, the director now directly owns 139,489 shares in the company, valued at approximately $17,585,378.23. This trade represents a 2.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the sale, the chairman now owns 123,000 shares of the company’s stock, valued at $15,263,070. This trade represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,661 shares of company stock valued at $9,563,127 in the last ninety days. 1.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of PNFP. Dimensional Fund Advisors LP lifted its stake in shares of Pinnacle Financial Partners by 10.4% in 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 acquiring an additional 292,401 shares during the period. FMR LLC lifted its position in Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after purchasing an additional 282,016 shares during the period. Geode Capital Management LLC lifted its position in Pinnacle Financial Partners by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after purchasing an additional 8,604 shares during the period. The Manufacturers Life Insurance Company increased its position in Pinnacle Financial Partners by 20.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock worth $99,443,000 after purchasing an additional 172,750 shares during the period. Finally, Principal Financial Group Inc. increased its position in Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after purchasing an additional 208,938 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.