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

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $128.82 and last traded at $128.06, with a volume of 40469 shares traded. The stock had previously closed at $126.78.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PNFP shares. Barclays increased their price objective 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. Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. Citigroup increased their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Wells Fargo & Company raised their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Finally, Truist Financial boosted their price objective 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. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus price target of $106.60.

Pinnacle Financial Partners Stock Down 0.8 %

The firm has a 50 day simple moving average of $100.58 and a two-hundred day simple moving average of $90.26. 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 stock has a market capitalization of $9.71 billion, a P/E ratio of 24.03 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, topping the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same period in the prior year, the business earned $1.79 earnings per share. On average, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be given a dividend of $0.22 per share. The ex-dividend date is Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a yield of 0.70%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.73%.

Hedge Funds Weigh In On Pinnacle Financial Partners

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ashton Thomas Securities LLC bought a new position in Pinnacle Financial Partners in the 3rd quarter valued at about $30,000. International Assets Investment Management LLC bought a new position in Pinnacle Financial Partners in the 2nd quarter valued at about $29,000. Versant Capital Management Inc lifted its position 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 valued at $35,000 after acquiring an additional 133 shares in the last quarter. UMB Bank n.a. lifted its position in 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 acquiring an additional 226 shares in the last quarter. Finally, Values First Advisors Inc. purchased a new stake in Pinnacle Financial Partners in the 3rd quarter valued at about $49,000. Institutional investors own 87.40% of the company’s stock.

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.