Pinnacle Financial Partners (NASDAQ:PNFP) Upgraded at Truist Financial

Truist Financial upgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP) from a buy rating to a strong-buy rating in a research report report published on Monday, MarketBeat Ratings reports.

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Barclays lowered their target price on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods cut their price objective on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating for the company in a report on Thursday, April 17th. Hovde Group raised shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 target price on the stock in a research note on Wednesday, April 16th. Finally, Stephens restated an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $119.90.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $111.39 on Monday. Pinnacle Financial Partners has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a market cap of $8.62 billion, a PE ratio of 18.63 and a beta of 1.00. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The business has a 50-day simple moving average of $100.58 and a two-hundred day simple moving average of $112.25.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business had revenue of $475.37 million during the quarter, compared to analysts’ expectations of $478.11 million. During the same quarter last year, the company posted $1.53 earnings per share. As a group, equities analysts expect that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 15.53%.

Insider Activity at Pinnacle Financial Partners

In other news, CEO M Terry Turner sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the sale, the chief executive officer now directly owns 254,552 shares in the company, valued at $25,615,567.76. This represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $113.81, for a total value of $4,552,400.00. Following the completion of the sale, the chairman now directly owns 83,000 shares of the company’s stock, valued at $9,446,230. This trade represents a 32.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,041 shares of company stock valued at $5,062,386. Corporate insiders own 1.46% of the company’s stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Golden State Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter worth approximately $48,000. SVB Wealth LLC purchased a new position in shares of Pinnacle Financial Partners during the first quarter worth $51,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Pinnacle Financial Partners in the 1st quarter valued at $57,000. Kapitalo Investimentos Ltda acquired a new position in Pinnacle Financial Partners during the 4th quarter worth about $78,000. Finally, UMB Bank n.a. boosted its holdings in Pinnacle Financial Partners by 48.1% during the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock valued at $84,000 after acquiring an additional 239 shares during the period. Hedge funds and other 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.