Pinnacle Financial Partners (NYSE:PNFP) Price Target Cut to $121.00 by Analysts at TD Cowen

Pinnacle Financial Partners (NYSE:PNFP) had its target price reduced by TD Cowen from $125.00 to $121.00 in a research note released on Monday,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings began coverage on shares of Pinnacle Financial Partners in a research report on Monday, March 9th. They set a “hold (c+)” rating for the company. Barclays dropped their target price on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. DA Davidson started coverage on shares of Pinnacle Financial Partners in a research report on Monday, January 5th. They set a “neutral” rating and a $110.00 price target for the company. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Sunday. Finally, Citigroup lifted their price objective on Pinnacle Financial Partners from $118.00 to $122.00 and gave the stock a “buy” rating in a report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $113.56.

Pinnacle Financial Partners Trading Up 2.6%

Shares of PNFP stock opened at $98.36 on Monday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners has a 12-month low of $81.08 and a 12-month high of $120.46. The company has a market cap of $7.63 billion, a price-to-earnings ratio of 13.64, a price-to-earnings-growth ratio of 0.32 and a beta of 1.00.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%.The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. On average, equities analysts predict that Pinnacle Financial Partners will post 10.29 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 1st will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, May 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 27.74%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 12th. The stock was bought at an average price of $94.52 per share, with a total value of $94,520.00. Following the purchase, the chief financial officer owned 49,485 shares in the company, valued at approximately $4,677,322.20. The trade was a 2.06% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of large investors have recently made changes to their positions in PNFP. AQR Capital Management LLC lifted its position in Pinnacle Financial Partners by 1,697.4% during the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock worth $306,474,000 after buying an additional 3,085,867 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth $187,822,000. Alyeska Investment Group L.P. acquired a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth $159,545,000. Norges Bank purchased a new position in shares of Pinnacle Financial Partners during the 4th quarter worth $116,349,000. Finally, Wellington Management Group LLP raised its holdings in shares of Pinnacle Financial Partners by 42.2% during the 4th quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock worth $292,634,000 after acquiring an additional 910,367 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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.