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

Shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) have received an average recommendation of “Moderate Buy” from the nineteen ratings firms that are currently covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $118.3529.

A number of analysts have recently weighed in on PNFP shares. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Robert W. Baird began coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective for the company. Citigroup upped their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an “equal weight” rating in a research note on Monday, August 10th. Finally, TD Cowen upped their price objective on Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, July 27th.

Pinnacle Financial Partners Trading Down 0.5%

Shares of NYSE PNFP opened at $101.12 on Tuesday. Pinnacle Financial Partners has a 12 month low of $81.08 and a 12 month high of $110.33. The company has a market cap of $7.84 billion, a P/E ratio of 13.89, a P/E/G ratio of 0.41 and a beta of 1.03. The business’s 50 day simple moving average is $102.01. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93.

Pinnacle Financial Partners (NYSE:PNFP) last announced its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share 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. Analysts predict that Pinnacle Financial Partners will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is 27.47%.

Insiders Place Their Bets

In related news, 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 transaction of $7,213,231.83. Following the completion of the transaction, the insider directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert A. Mccabe, Jr. bought 10,013 shares of Pinnacle Financial Partners stock in a transaction that occurred 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 acquisition, 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. In the last quarter, insiders have sold 177,228 shares of company stock worth $19,153,713. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PNFP. Resources Management Corp CT ADV acquired a new stake in Pinnacle Financial Partners during the first quarter worth approximately $26,000. Brown Brothers Harriman & Co. bought a new stake in shares of Pinnacle Financial Partners during the third quarter worth about $26,000. High Point Wealth Management LLC bought a new position in Pinnacle Financial Partners in the 4th quarter valued at about $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 valued at $27,000 after acquiring an additional 265 shares in the last quarter. Finally, Activest Wealth Management bought a new stake in Pinnacle Financial Partners during the 4th quarter worth approximately $28,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

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.