Pinnacle Financial Partners (NASDAQ:PNFP) Now Covered by TD Cowen

TD Cowen initiated coverage on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a research report report published on Thursday, Marketbeat.com reports. The brokerage issued a buy rating and a $122.00 price target on the financial services provider’s stock.

Several other equities analysts have also recently weighed in on PNFP. Stephens dropped their price objective on Pinnacle Financial Partners from $133.00 to $104.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 29th. Barclays reduced their target price on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an “overweight” rating for the company in a research note on Monday, July 28th. Citigroup dropped their price target on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating on the stock in a research report on Friday, July 25th. Wells Fargo & Company reduced their price objective on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an “equal weight” rating for the company in a research report on Friday, July 25th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating for the company in a research note on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $112.45.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $95.21 on Thursday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89. The firm’s 50-day simple moving average is $95.84 and its 200 day simple moving average is $101.95. The stock has a market cap of $7.38 billion, a price-to-earnings ratio of 12.63 and a beta of 1.07. Pinnacle Financial Partners has a fifty-two week low of $81.57 and a fifty-two week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping the consensus estimate of $1.92 by $0.08. The firm had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The company’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.63 earnings per share. As a group, research analysts anticipate that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 1st were paid a $0.24 dividend. 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 payout ratio is presently 12.73%.

Insider Transactions at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter purchased 1,000 shares of the stock in a transaction that occurred on Thursday, July 31st. The shares were bought at an average price of $89.73 per share, with a total value of $89,730.00. Following the acquisition, the chief financial officer owned 105,050 shares of the company’s stock, valued at $9,426,136.50. This trade represents a 0.96% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director G Kennedy Thompson acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the purchase, the director owned 28,372 shares of the company’s stock, valued at $2,430,061.80. The trade was a 54.43% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 12,174 shares of company stock worth $1,047,079 in the last quarter. Insiders own 1.46% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PNFP. 1248 Management LLC purchased a new stake in Pinnacle Financial Partners in the 1st quarter worth about $29,000. Elevation Point Wealth Partners LLC bought a new position in Pinnacle Financial Partners during the second quarter worth about $38,000. MAI Capital Management increased its stake in shares of Pinnacle Financial Partners by 79.4% in the second quarter. MAI Capital Management now owns 366 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 162 shares in the last quarter. Spurstone Advisory Services LLC bought a new stake in shares of Pinnacle Financial Partners in the second quarter valued at approximately $41,000. Finally, Ameritas Advisory Services LLC bought a new stake in shares of Pinnacle Financial Partners in the second quarter valued at approximately $45,000. 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.