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

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have been given an average recommendation of “Hold” by the eleven ratings firms that are presently covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $122.73.

Several analysts have weighed in on PNFP shares. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a report on Monday, November 18th. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Stephens lifted their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Citigroup increased their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th.

Pinnacle Financial Partners Stock Up 1.2 %

Shares of NASDAQ PNFP opened at $115.49 on Thursday. The stock has a market capitalization of $8.92 billion, a price-to-earnings ratio of 21.96 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 firm has a 50-day moving average price of $118.99 and a 200 day moving average price of $102.11. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $454.18 million. During the same quarter in the previous year, the company earned $1.79 EPS. Equities research analysts anticipate that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders 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 presently 16.73%.

Insiders Place Their Bets

In other news, 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 transaction of $6,204,500.00. Following the completion of the sale, the chairman now directly owns 123,000 shares of the company’s stock, valued at $15,263,070. The trade was a 28.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David B. Ingram sold 20,000 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $126.02, for a total value of $2,520,400.00. Following the sale, the director now owns 92,565 shares of the company’s stock, valued at approximately $11,665,041.30. The trade was a 17.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 76,661 shares of company stock valued at $9,563,127 in the last quarter. 1.87% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth about $29,000. Ashton Thomas Securities LLC purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at $30,000. UMB Bank n.a. lifted its holdings in shares of Pinnacle Financial Partners by 83.4% during 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. Values First Advisors Inc. purchased a new stake in Pinnacle Financial Partners during the 3rd quarter worth $49,000. Finally, Quarry LP increased its holdings in Pinnacle Financial Partners by 3,500.0% in the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 735 shares in the last quarter. Hedge funds and other 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.