Pinnacle Financial Partners (NYSE:PNFP) Given New $130.00 Price Target at Barclays

Pinnacle Financial Partners (NYSE:PNFP) had its price target trimmed by Barclays from $135.00 to $130.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

PNFP has been the subject of several other research reports. Keefe, Bruyette & Woods increased their price objective on shares of Pinnacle Financial Partners from $95.00 to $100.00 and gave the company a “market perform” rating in a research note on Friday, January 9th. Weiss Ratings initiated coverage on shares of Pinnacle Financial Partners in a research note on Monday, March 9th. They issued a “hold (c+)” rating for the company. Bank of America initiated coverage on shares of Pinnacle Financial Partners in a research note on Monday, December 8th. They issued a “buy” rating and a $113.00 price objective for the company. Royal Bank Of Canada raised shares of Pinnacle Financial Partners to a “moderate buy” rating in a research note on Monday, January 5th. Finally, Evercore reissued an “outperform” rating on shares of Pinnacle Financial Partners in a research note on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $112.18.

Pinnacle Financial Partners Stock Down 0.0%

Shares of Pinnacle Financial Partners stock opened at $88.22 on Tuesday. Pinnacle Financial Partners has a 1-year low of $81.08 and a 1-year high of $120.46. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a market cap of $6.84 billion, a PE ratio of 10.90, a PEG ratio of 0.40 and a beta of 1.00.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 6th were given a $0.50 dividend. The ex-dividend date was Friday, February 6th. Pinnacle Financial Partners’s dividend payout ratio is 24.72%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory purchased 1,000 shares of the firm’s stock in a transaction on Thursday, February 12th. The stock was purchased at an average cost of $94.52 per share, for a total transaction of $94,520.00. Following the transaction, the chief financial officer owned 49,485 shares in the company, valued at $4,677,322.20. The trade was a 2.06% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 1.46% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in PNFP. AQR Capital Management LLC increased its position in Pinnacle Financial Partners by 1,697.4% in the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after acquiring an additional 3,085,867 shares during the period. Nomura Holdings Inc. acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $187,822,000. Alyeska Investment Group L.P. acquired a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth $159,545,000. Norges Bank acquired a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth $116,349,000. Finally, Wellington Management Group LLP increased its position in shares of Pinnacle Financial Partners by 42.2% during the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock worth $292,634,000 after buying an additional 910,367 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.