Pinnacle Financial Partners (NYSE:PNFP) Upgraded at TD Cowen

TD Cowen upgraded shares of Pinnacle Financial Partners (NYSE:PNFP) to a strong-buy rating in a report issued on Monday morning,Zacks.com reports.

A number of other research firms have also commented on PNFP. Truist Financial set a $100.00 price target on shares of Pinnacle Financial Partners in a research report on Friday, January 9th. DA Davidson started coverage on shares of Pinnacle Financial Partners in a research report on Monday, January 5th. They issued a “neutral” rating and a $110.00 price target on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Pinnacle Financial Partners from $95.00 to $100.00 and gave the company a “market perform” rating in a research report on Friday, January 9th. Deutsche Bank Aktiengesellschaft set a $116.00 price target on shares of Pinnacle Financial Partners and gave the company a “buy” rating in a research report on Wednesday, January 21st. Finally, UBS Group raised shares of Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $106.00 to $110.00 in a research report on Tuesday, April 7th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $112.25.

Pinnacle Financial Partners Price Performance

NYSE:PNFP opened at $94.03 on Monday. Pinnacle Financial Partners has a 12 month low of $81.08 and a 12 month high of $120.46. The company has a market capitalization of $7.29 billion, a PE ratio of 11.62, a PEG ratio of 0.32 and a beta of 1.00. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89.

Pinnacle Financial Partners Dividend Announcement

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

Insiders Place Their Bets

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 shares were purchased at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the completion of the purchase, the chief financial officer directly owned 49,485 shares of the company’s stock, valued at approximately $4,677,322.20. This represents a 2.06% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.46% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC boosted its stake in Pinnacle Financial Partners by 63.1% during the fourth quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock worth $508,551,000 after buying an additional 2,062,504 shares in the last quarter. State Street Corp boosted its stake in Pinnacle Financial Partners by 5.5% during the fourth quarter. State Street Corp now owns 3,451,939 shares of the company’s stock worth $329,350,000 after buying an additional 179,819 shares in the last quarter. Wellington Management Group LLP boosted its stake in 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 in the last quarter. Dimensional Fund Advisors LP boosted its stake in Pinnacle Financial Partners by 4.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,790,636 shares of the company’s stock worth $266,268,000 after buying an additional 110,465 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Pinnacle Financial Partners by 9.6% during the fourth quarter. Invesco Ltd. now owns 2,188,080 shares of the company’s stock worth $208,765,000 after buying an additional 191,292 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

About Pinnacle Financial Partners

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.