Pinnacle Financial Partners (NYSE:PNFP) Reaches New 52-Week High – Here’s Why

Pinnacle Financial Partners, Inc. (NYSE:PNFP) reached a new 52-week high during trading on Monday . The stock traded as high as $107.52 and last traded at $107.2560, with a volume of 55880 shares. The stock had previously closed at $105.23.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PNFP shares. UBS Group raised their price objective on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a report on Friday, April 24th. Citigroup boosted their target price on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. JPMorgan Chase & Co. dropped their target price on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Friday, July 24th. Stephens set a $112.00 price target on Pinnacle Financial Partners in a research note on Monday, July 27th. Finally, Benchmark decreased their price target on Pinnacle Financial Partners from $132.00 to $125.00 and set a “buy” rating for the company in a report on Friday, July 24th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $117.00.

Pinnacle Financial Partners Trading Up 1.9%

The stock has a market cap of $8.32 billion, a PE ratio of 14.73, a PEG ratio of 0.42 and a beta of 1.03. The business has a 50 day moving average of $98.77. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. Research analysts expect that Pinnacle Financial Partners, Inc. will post 10.2 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be given a $0.50 dividend. The ex-dividend date is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 1.9%. Pinnacle Financial Partners’s dividend payout ratio is 27.47%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The stock was purchased at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the purchase, the insider directly owned 324,233 shares in the company, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently made changes to their positions in PNFP. AQR Capital Management LLC lifted its position in Pinnacle Financial Partners by 1,697.4% during the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock worth $306,474,000 after acquiring an additional 3,085,867 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after purchasing an additional 2,244,659 shares during the period. Nomura Holdings Inc. acquired a new position in shares of Pinnacle Financial Partners in the third quarter valued at approximately $187,822,000. Alyeska Investment Group L.P. purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth approximately $159,545,000. Finally, Norges Bank purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth approximately $116,349,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Company Profile

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.