Pinnacle Financial Partners (NYSE:PNFP) Price Target Raised to $120.00

Pinnacle Financial Partners (NYSE:PNFP) had its price target boosted by Truist Financial from $112.00 to $120.00 in a research report released on Wednesday, MarketBeat Ratings reports. Truist Financial currently has a buy rating on the stock.

PNFP has been the topic of a number of other reports. Benchmark upped their target price on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Royal Bank Of Canada lifted their price target on Pinnacle Financial Partners from $117.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, October 23rd. Wells Fargo & Company upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and set a $118.00 price target for the company in a research report on Wednesday, September 30th. Hovde Group began coverage on Pinnacle Financial Partners in a report on Wednesday, September 16th. They set an “outperform” rating and a $125.00 price objective for the company. Finally, TD Cowen upped their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research report on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average price target of $120.15.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $101.57 on Wednesday. Pinnacle Financial Partners has a 1-year low of $81.08 and a 1-year high of $110.33. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $7.88 billion, a PE ratio of 10.36, a price-to-earnings-growth ratio of 0.39 and a beta of 1.03. The firm’s 50 day simple moving average is $97.53 and its 200 day simple moving average is $96.79.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, October 21st. The company reported $2.69 EPS for the quarter, beating the consensus estimate of $2.62 by $0.07. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.33%. As a group, analysts expect that Pinnacle Financial Partners will post 10.25 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 6th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, November 6th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 26.70%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider M. Turner sold 54,107 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the transaction, the insider directly owned 248,123 shares of the company’s stock, valued at approximately $26,829,539.99. This trade represents a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Kevin S. Blair acquired 2,565 shares of the stock in a transaction dated Tuesday, September 1st. The stock was acquired at an average price of $97.48 per share, with a total value of $250,036.20. Following the completion of the acquisition, the chief executive officer owned 152,397 shares in the company, valued at approximately $14,855,659.56. The trade was a 1.71% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 13,065 shares of company stock worth $1,290,941 and have sold 177,228 shares worth $19,153,713. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of large investors have recently added to or reduced their stakes in the business. Covestor Ltd increased its holdings in Pinnacle Financial Partners by 434.4% in the 3rd quarter. Covestor Ltd now owns 978 shares of the company’s stock worth $91,000 after acquiring an additional 795 shares in the last quarter. Provenance Wealth Advisors LLC raised its stake in Pinnacle Financial Partners by 15,215.8% during the 3rd quarter. Provenance Wealth Advisors LLC now owns 2,910 shares of the company’s stock worth $272,000 after acquiring an additional 2,891 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in Pinnacle Financial Partners by 0.3% during the third quarter. Oregon Public Employees Retirement Fund now owns 31,159 shares of the company’s stock valued at $2,917,000 after purchasing an additional 100 shares in the last quarter. Welch Group LLC lifted its holdings in Pinnacle Financial Partners by 3.3% during the third quarter. Welch Group LLC now owns 27,731 shares of the company’s stock valued at $2,596,000 after purchasing an additional 878 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in Pinnacle Financial Partners by 9.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 364,045 shares of the company’s stock valued at $34,078,000 after purchasing an additional 30,451 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

About Pinnacle Financial Partners

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

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.