Pinnacle Financial Partners, Inc. (NYSE:PNFP) Receives $119.68 Average PT from Brokerages

Pinnacle Financial Partners, Inc. (NYSE:PNFP) has been given an average rating of “Moderate Buy” by the twenty-one brokerages that are presently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $119.6842.

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, September 8th. They issued an “overweight” rating and a $137.00 price objective on the stock. TD Cowen boosted 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. Truist Financial increased their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Weiss Ratings raised Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Finally, Citigroup upped their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CEO Kevin Blair purchased 2,565 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was purchased at an average cost of $97.48 per share, with a total value of $250,036.20. Following the completion of the acquisition, the chief executive officer directly owned 152,397 shares of the company’s stock, valued at $14,855,659.56. This trade represents a 1.71% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert McCabe, Jr. purchased 10,013 shares of the company’s stock in a transaction on Friday, July 24th. The stock was bought at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the purchase, the insider directly owned 324,233 shares of the company’s stock, valued at $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 13,078 shares of company stock valued at $1,299,640 and sold 177,228 shares valued at $19,153,713. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Brown Financial Advisors lifted its position in Pinnacle Financial Partners by 2.7% in the second quarter. Brown Financial Advisors now owns 4,019 shares of the company’s stock valued at $405,000 after purchasing an additional 105 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in Pinnacle Financial Partners by 1.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock worth $704,000 after purchasing an additional 116 shares during the period. Villanova Investment Management Co LLC increased its position in Pinnacle Financial Partners by 0.4% during the 4th quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock worth $2,720,000 after purchasing an additional 118 shares during the period. Simplicity Wealth LLC raised its stake in shares of Pinnacle Financial Partners by 1.5% during the 1st quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock worth $789,000 after buying an additional 131 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Pinnacle Financial Partners by 3.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,097 shares of the company’s stock worth $486,000 after buying an additional 158 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $93.47 on Friday. Pinnacle Financial Partners has a one year low of $81.08 and a one year high of $110.33. The firm has a market capitalization of $7.25 billion, a P/E ratio of 12.84, a PEG ratio of 0.38 and a beta of 1.01. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The stock’s 50-day moving average is $101.75.

Pinnacle Financial Partners (NYSE:PNFP) last issued its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. On average, sell-side analysts predict that Pinnacle Financial Partners will post 10.17 earnings per share 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. Investors of record on Friday, August 7th were paid a dividend of $0.50 per share. The ex-dividend date was Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.1%. Pinnacle Financial Partners’s payout ratio is presently 27.47%.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.