Brokerages Set Pinnacle Financial Partners, Inc. (NYSE:PNFP) PT at $118.35

Shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) have been assigned an average rating of “Moderate Buy” from the nineteen brokerages that are presently covering the company, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $118.3529.

PNFP has been the topic of several recent analyst reports. Robert W. Baird assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price objective on the stock. TD Cowen lifted their target price on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Wells Fargo & Company boosted their target price on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Monday, August 10th. Benchmark upped their price target on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Finally, Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $101.08 on Tuesday. The stock’s fifty day simple moving average is $102.11. Pinnacle Financial Partners has a 1-year low of $81.08 and a 1-year high of $110.33. The stock has a market cap of $7.84 billion, a P/E ratio of 13.88, a price-to-earnings-growth ratio of 0.40 and a beta of 1.03. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.46 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. As a group, equities research analysts anticipate that Pinnacle Financial Partners will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s payout ratio is 27.47%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The shares were purchased at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the transaction, the insider directly owned 324,233 shares in the company, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider M Terry Turner sold 66,783 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total value of $7,213,231.83. Following the completion of the transaction, the insider owned 302,230 shares of the company’s stock, valued at $32,643,862.30. This trade represents a 18.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 177,228 shares of company stock worth $19,153,713. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently modified their holdings of the company. Brown Financial Advisors grew its stake in shares of Pinnacle Financial Partners by 2.7% during the 2nd quarter. Brown Financial Advisors now owns 4,019 shares of the company’s stock worth $405,000 after purchasing an additional 105 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in Pinnacle Financial Partners by 1.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock valued at $704,000 after buying an additional 116 shares during the period. Villanova Investment Management Co LLC grew its position in Pinnacle Financial Partners by 0.4% during the fourth quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock valued at $2,720,000 after buying an additional 118 shares during the period. Simplicity Wealth LLC increased its holdings in Pinnacle Financial Partners by 1.5% in the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock valued at $789,000 after buying an additional 131 shares in the last quarter. Finally, Graham Capital Management L.P. increased its stake in shares of Pinnacle Financial Partners by 0.7% in the 4th quarter. Graham Capital Management L.P. now owns 22,169 shares of the company’s stock valued at $2,115,000 after purchasing an additional 146 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

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.