Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives Average Rating of “Moderate Buy” from Brokerages

Pinnacle Financial Partners, Inc. (NASDAQ:PNFPGet Free Report) has earned an average recommendation of “Moderate Buy” from the eight brokerages that are presently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $93.38.

A number of equities research analysts recently weighed in on PNFP shares. Hovde Group reduced their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research report on Tuesday, April 23rd. Jefferies Financial Group reduced their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. JPMorgan Chase & Co. reduced their target price on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Stephens reduced their target price on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a report on Thursday, May 23rd. Finally, Truist Financial reduced their target price on shares of Pinnacle Financial Partners from $94.00 to $87.00 and set a “buy” rating for the company in a report on Monday.

Get Our Latest Report on Pinnacle Financial Partners

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $80.16 on Thursday. Pinnacle Financial Partners has a 1-year low of $58.32 and a 1-year high of $92.33. The stock has a market cap of $6.19 billion, a PE ratio of 11.47 and a beta of 1.08. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a fifty day moving average price of $79.12 and a 200 day moving average price of $81.93.

Pinnacle Financial Partners (NASDAQ:PNFPGet Free Report) last announced its quarterly earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.52 by $0.01. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. The firm had revenue of $428.14 million during the quarter, compared to analysts’ expectations of $413.27 million. As a group, sell-side analysts anticipate that Pinnacle Financial Partners will post 6.75 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 3rd were given a dividend of $0.22 per share. The ex-dividend date was Thursday, May 2nd. This represents a $0.88 annualized dividend and a yield of 1.10%. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 72,000 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the transaction, the chief executive officer now directly owns 222,790 shares in the company, valued at $18,039,306.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Pinnacle Financial Partners news, CEO M Terry Turner sold 72,000 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the transaction, the chief executive officer now directly owns 222,790 shares in the company, valued at $18,039,306.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the completion of the sale, the chairman now owns 153,062 shares in the company, valued at $12,404,144.48. The disclosure for this sale can be found here. 1.87% of the stock is currently owned by company insiders.

Institutional Trading of Pinnacle Financial Partners

Several large investors have recently modified their holdings of the business. Rise Advisors LLC purchased a new position in shares of Pinnacle Financial Partners during the first quarter valued at approximately $26,000. Bruce G. Allen Investments LLC purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $32,000. Versant Capital Management Inc lifted its stake in shares of Pinnacle Financial Partners by 44.5% during the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after buying an additional 133 shares during the period. ICA Group Wealth Management LLC purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $44,000. Finally, Principal Securities Inc. purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $60,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

About Pinnacle Financial Partners

(Get Free Report

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.

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Analyst Recommendations for Pinnacle Financial Partners (NASDAQ:PNFP)

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