Pinnacle Financial Partners, Inc. (NYSE:PNFP) Given Consensus Recommendation of “Moderate Buy” by Analysts

Pinnacle Financial Partners, Inc. (NYSE:PNFP) has been given an average rating of “Moderate Buy” by the nineteen ratings firms that are covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $118.3529.

A number of analysts have commented on PNFP shares. Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Truist Financial boosted their price target on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. TD Cowen upped their price target on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, July 27th. Wells Fargo & Company raised their price objective on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday, July 24th.

Insiders Place Their Bets

In related news, insider M Terry Turner sold 66,783 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the transaction, the insider directly owned 302,230 shares of the company’s stock, valued at approximately $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert A. Mccabe, Jr. acquired 10,013 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, July 24th. The stock was acquired at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the purchase, the insider owned 324,233 shares in the company, valued at approximately $32,390,876.70. This represents a 3.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 177,228 shares of company stock worth $19,153,713 in the last quarter. 1.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Pinnacle Financial Partners

A number of hedge funds have recently made changes to their positions in PNFP. Brown Brothers Harriman & Co. purchased a new position in Pinnacle Financial Partners during the third quarter valued at approximately $26,000. High Point Wealth Management LLC purchased a new stake in Pinnacle Financial Partners in the 4th quarter worth approximately $27,000. BOKF NA lifted its position in Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after buying an additional 265 shares in the last quarter. Activest Wealth Management acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at $28,000. Finally, Resources Management Corp CT ADV acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at $26,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Performance

Shares of NYSE:PNFP opened at $99.98 on Tuesday. The firm has a market cap of $7.76 billion, a P/E ratio of 13.73, a PEG ratio of 0.40 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The firm’s fifty day moving average is $102.18. Pinnacle Financial Partners has a one year low of $81.08 and a one year high of $110.33.

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

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were given 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 was Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.47%.

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.