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

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have been assigned an average recommendation of “Moderate Buy” from the ten ratings firms that are presently covering the firm, MarketBeat reports. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $119.50.

Several equities research analysts recently weighed in on the company. Wells Fargo & Company dropped their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Hovde Group upgraded shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price target for the company in a report on Wednesday, April 16th. Barclays decreased their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. JPMorgan Chase & Co. dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods reduced their price target on Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating on the stock in a report on Thursday, April 17th.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock opened at $104.22 on Wednesday. The business’s 50-day moving average price is $100.73 and its 200-day moving average price is $112.04. The firm has a market capitalization of $8.06 billion, a PE ratio of 17.43 and a beta of 1.00. Pinnacle Financial Partners has a 12 month low of $73.62 and a 12 month high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.08. The firm had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same period in the previous year, the business posted $1.53 EPS. Sell-side analysts forecast that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.92%. Pinnacle Financial Partners’s dividend payout ratio is currently 15.53%.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the sale, the director now owns 40,991 shares of the company’s stock, valued at approximately $5,185,361.50. The trade was a 49.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Glenda Baskin Glover sold 3,000 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the completion of the transaction, the director now owns 9,943 shares in the company, valued at approximately $1,009,711.65. This trade represents a 23.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 85,041 shares of company stock worth $10,122,386 in the last quarter. Corporate insiders own 1.46% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Pinnacle Financial Partners by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider’s stock valued at $823,652,000 after purchasing an additional 87,058 shares during the period. FMR LLC increased its holdings in Pinnacle Financial Partners by 10.6% in the 4th quarter. FMR LLC now owns 3,003,310 shares of the financial services provider’s stock worth $343,549,000 after acquiring an additional 286,894 shares in the last quarter. North Reef Capital Management LP raised its stake in Pinnacle Financial Partners by 57.1% during the 4th quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock worth $221,917,000 after acquiring an additional 705,000 shares during the period. Capital Research Global Investors lifted its holdings in Pinnacle Financial Partners by 57.0% during the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock valued at $178,425,000 after purchasing an additional 566,061 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Pinnacle Financial Partners by 16.5% in the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider’s stock worth $172,072,000 after purchasing an additional 213,505 shares during the period. 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.