Pinnacle Financial Partners’ (PNFP) “Overweight” Rating Reiterated at Stephens

Stephens reiterated their overweight rating on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a report published on Wednesday,Benzinga reports. Stephens currently has a $142.00 price target on the financial services provider’s stock.

PNFP has been the topic of a number of other reports. Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a report on Monday, November 18th. Citigroup upped their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. UBS Group assumed coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average target price of $125.18.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP opened at $123.28 on Wednesday. Pinnacle Financial Partners has a 12 month low of $73.62 and a 12 month high of $131.91. The company has a market cap of $9.52 billion, a P/E ratio of 20.62 and a beta of 1.09. The business’s 50 day moving average is $119.31 and its two-hundred day moving average is $105.34. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business had revenue of $475.34 million for the quarter, compared to analyst estimates of $470,334.57 billion. During the same quarter in the previous year, the firm posted $1.68 earnings per share. Pinnacle Financial Partners’s revenue was up 19.9% compared to the same quarter last year. On average, equities analysts expect that Pinnacle Financial Partners will post 7.56 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 $0.24 dividend. The ex-dividend date of this dividend is Friday, February 7th. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 0.78%. Pinnacle Financial Partners’s payout ratio is 14.72%.

Insider Buying and Selling

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction 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 transaction, the chairman now owns 123,000 shares of the company’s stock, valued at $15,263,070. This represents a 28.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David B. Ingram sold 3,610 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $126.07, for a total transaction of $455,112.70. Following the completion of the sale, the director now owns 139,489 shares in the company, valued at approximately $17,585,378.23. This trade represents a 2.52 % 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 worth $9,563,127 in the last three months. Insiders own 1.87% of the company’s stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Ashton Thomas Securities LLC bought a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $30,000. UMB Bank n.a. increased its holdings in shares of Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. bought a new position in shares of Pinnacle Financial Partners in the third quarter valued at about $49,000. Brooklyn Investment Group bought a new position in shares of Pinnacle Financial Partners in the third quarter valued at about $70,000. Finally, Quarry LP lifted its stake in shares of Pinnacle Financial Partners by 3,500.0% during the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after buying an additional 735 shares during the last quarter. 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.