Pinnacle Financial Partners (NASDAQ:PNFP) Given New $108.00 Price Target at UBS Group

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price lowered by UBS Group from $121.00 to $108.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

Several other analysts have also recently commented on the company. JPMorgan Chase & Co. raised their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. Truist Financial reissued a “buy” rating and set a $127.00 price objective (up previously from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Keefe, Bruyette & Woods cut their price objective on Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating for the company in a research report on Wednesday, August 13th. Wells Fargo & Company lowered their price target on Pinnacle Financial Partners from $125.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Friday, July 25th. Finally, Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Four analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus price target of $113.50.

Pinnacle Financial Partners Trading Up 0.3%

NASDAQ:PNFP opened at $97.47 on Tuesday. The company has a market cap of $7.56 billion, a PE ratio of 12.93 and a beta of 1.07. Pinnacle Financial Partners has a 52 week low of $81.57 and a 52 week high of $131.91. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. The business’s 50 day moving average is $102.24 and its two-hundred day moving average is $103.75.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The business had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. During the same quarter last year, the business posted $1.63 EPS. The business’s revenue was up 15.1% on a year-over-year basis. On average, analysts predict that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 1st were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Friday, August 1st. Pinnacle Financial Partners’s dividend payout ratio is 12.73%.

Insider Activity

In related news, CFO Harold R. Carpenter acquired 1,000 shares of the firm’s stock in a transaction dated Thursday, July 31st. The stock was bought at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the acquisition, the chief financial officer directly owned 105,050 shares of the company’s stock, valued at approximately $9,426,136.50. The trade was a 0.96% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas C. Farnsworth III bought 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $84.94 per share, with a total value of $84,940.00. Following the completion of the purchase, the director directly owned 28,277 shares in the company, valued at $2,401,848.38. The trade was a 3.67% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 12,174 shares of company stock worth $1,047,079 in the last quarter. Corporate insiders own 1.46% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PNFP. Wellington Management Group LLP grew its stake in shares of Pinnacle Financial Partners by 5.9% during the first quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider’s stock worth $168,873,000 after buying an additional 88,282 shares during the last quarter. Fenimore Asset Management Inc raised its holdings in shares of Pinnacle Financial Partners by 2.2% during the second quarter. Fenimore Asset Management Inc now owns 1,076,968 shares of the financial services provider’s stock valued at $118,908,000 after purchasing an additional 23,552 shares during the period. Norges Bank acquired a new position in shares of Pinnacle Financial Partners during the second quarter valued at about $113,461,000. The Manufacturers Life Insurance Company increased its position in shares of Pinnacle Financial Partners by 3.3% during the second quarter. The Manufacturers Life Insurance Company now owns 1,010,422 shares of the financial services provider’s stock worth $111,561,000 after acquiring an additional 31,858 shares in the last quarter. Finally, Azora Capital LP grew its position in Pinnacle Financial Partners by 9.2% in the 1st quarter. Azora Capital LP now owns 998,474 shares of the financial services provider’s stock worth $105,878,000 after purchasing an additional 84,538 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Company Profile

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.