Pinnacle Financial Partners’ (PNFP) “Hold (C)” Rating Reiterated at Weiss Ratings

Weiss Ratings reiterated their hold (c) rating on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a research note published on Friday,Weiss Ratings reports.

Several other research analysts have also recently weighed in on the company. TD Cowen began coverage on Pinnacle Financial Partners in a report on Thursday, September 25th. They set a “buy” rating and a $122.00 target price on the stock. Truist Financial lowered their price objective on Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. Cowen assumed coverage on Pinnacle Financial Partners in a report on Wednesday, September 24th. They issued a “buy” rating for the company. Hovde Group lowered Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Finally, Barclays set a $120.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average price target of $110.27.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $85.21 on Friday. The company has a fifty day simple moving average of $92.99 and a 200-day simple moving average of $100.18. The firm has a market capitalization of $6.61 billion, a price-to-earnings ratio of 10.83 and a beta of 1.02. The company has a quick ratio of 0.89, a current 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 posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. The firm had revenue of $544.80 million for the quarter, compared to analyst estimates of $526.40 million. During the same period in the previous year, the business posted $1.86 earnings per share. On average, equities analysts anticipate that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Director G Kennedy Thompson purchased 5,000 shares of Pinnacle Financial Partners stock in a transaction dated Monday, October 20th. The shares were acquired at an average cost of $87.63 per share, with a total value of $438,150.00. Following the purchase, the director owned 33,372 shares of the company’s stock, valued at approximately $2,924,388.36. The trade was a 17.62% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.46% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of hedge funds have recently made changes to their positions in PNFP. 1248 Management LLC purchased a new stake in Pinnacle Financial Partners in the first quarter valued at approximately $29,000. Covestor Ltd grew its stake in shares of Pinnacle Financial Partners by 193.9% in the third quarter. Covestor Ltd now owns 338 shares of the financial services provider’s stock valued at $32,000 after buying an additional 223 shares in the last quarter. Quent Capital LLC purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at $34,000. Eastern Bank acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth about $37,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in Pinnacle Financial Partners during the 2nd quarter worth about $38,000. 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.