Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Given Consensus Recommendation of “Hold” by Brokerages

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has been assigned a consensus rating of “Hold” from the eleven research firms that are covering the company, MarketBeat reports. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $125.18.

PNFP has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Hovde Group cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a report on Monday, November 18th. JPMorgan Chase & Co. reduced their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Wells Fargo & Company upped their price objective on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Finally, Citigroup lifted their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $112.57 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The business has a 50-day moving average of $118.49 and a 200-day moving average of $110.19. The stock has a market capitalization of $8.70 billion, a price-to-earnings ratio of 18.82 and a beta of 1.09. Pinnacle Financial Partners has a fifty-two week low of $73.62 and a fifty-two week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. During the same period last year, the company earned $1.68 earnings per share. The business’s revenue was up 19.9% compared to the same quarter last year. As a group, sell-side analysts predict that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.85%. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.05%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the transaction, the director now owns 40,991 shares in the company, valued at $5,185,361.50. This represents a 49.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the sale, the chief financial officer now owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. The trade was a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 126,970 shares of company stock worth $15,922,061. Corporate insiders own 1.87% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

Several large investors have recently modified their holdings of the stock. Victory Capital Management Inc. increased its stake in Pinnacle Financial Partners by 17.9% in the third quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock valued at $18,282,000 after acquiring an additional 28,327 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at $3,606,000. KBC Group NV increased its stake in shares of Pinnacle Financial Partners by 1,054.3% in the 4th quarter. KBC Group NV now owns 26,722 shares of the financial services provider’s stock valued at $3,057,000 after purchasing an additional 24,407 shares during the last quarter. Artemis Investment Management LLP raised its holdings in shares of Pinnacle Financial Partners by 2.6% during the 4th quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider’s stock worth $55,213,000 after buying an additional 12,455 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Pinnacle Financial Partners by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock worth $130,192,000 after buying an additional 8,604 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.