Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have been assigned a consensus recommendation of “Hold” from the thirteen analysts that are covering the firm, Marketbeat.com reports. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $109.5455.

Several equities research analysts recently issued reports on PNFP shares. Wells Fargo & Company dropped their price target on Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Friday, October 17th. Cowen started coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 24th. They set a “buy” rating for the company. Truist Financial dropped their target price on shares of Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, October 17th. Barclays raised their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 11th. Finally, TD Cowen started coverage on shares of Pinnacle Financial Partners in a research report on Thursday, September 25th. They set a “buy” rating and a $122.00 price objective for the company.

Pinnacle Financial Partners Trading Up 3.2%

NASDAQ PNFP opened at $90.12 on Friday. The stock has a market cap of $6.99 billion, a P/E ratio of 11.45 and a beta of 1.12. The company’s fifty day simple moving average is $89.87 and its 200-day simple moving average is $98.83. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33. Pinnacle Financial Partners has a 52 week low of $81.57 and a 52 week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.The firm had revenue of $544.80 million during the quarter, compared to analyst estimates of $526.40 million. During the same quarter last year, the firm earned $1.86 EPS. Equities research analysts predict that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 7th will be given a $0.24 dividend. The ex-dividend date is Friday, November 7th. This represents a $0.96 annualized dividend and a yield of 1.1%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 12.20%.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Director G Kennedy Thompson acquired 5,000 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The shares were acquired at an average cost of $87.63 per share, for a total transaction of $438,150.00. Following the completion of the purchase, the director directly owned 33,372 shares in the company, valued at $2,924,388.36. This trade represents a 17.62% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.46% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of large investors have recently made changes to their positions in PNFP. Brown Brothers Harriman & Co. bought a new position in Pinnacle Financial Partners during the third quarter valued at approximately $26,000. BOKF NA grew its position in Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 265 shares in the last quarter. 1248 Management LLC acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter worth $29,000. Covestor Ltd raised its holdings in shares of Pinnacle Financial Partners by 193.9% during the 3rd quarter. Covestor Ltd now owns 338 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 223 shares in the last quarter. Finally, Quent Capital LLC acquired a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at $34,000. Institutional investors and hedge funds 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.