Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives Average Recommendation of “Moderate Buy” from Analysts

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has earned an average recommendation of “Moderate Buy” from the ten analysts that are covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $119.90.

Several equities analysts have commented on PNFP shares. JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Truist Financial began coverage on Pinnacle Financial Partners in a report on Tuesday. They set a “buy” rating and a $123.00 price target on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating on the stock in a research note on Thursday, April 17th. Wells Fargo & Company lowered their price objective on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 9th. Finally, Barclays lowered their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the transaction, the chief executive officer now directly owns 254,552 shares of the company’s stock, valued at approximately $25,615,567.76. This trade represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of Pinnacle Financial Partners stock in a transaction on Monday, February 24th. The shares were sold at an average price of $113.81, for a total value of $4,552,400.00. Following the transaction, the chairman now directly owns 83,000 shares of the company’s stock, valued at approximately $9,446,230. The trade was a 32.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 45,041 shares of company stock valued at $5,062,386. 1.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC raised its holdings in shares of Pinnacle Financial Partners by 117.0% in the third quarter. Barclays PLC now owns 167,838 shares of the financial services provider’s stock valued at $16,442,000 after buying an additional 90,478 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new position in shares of Pinnacle Financial Partners in the third quarter valued at about $229,000. Principal Financial Group Inc. raised its holdings in shares of Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after buying an additional 208,938 shares during the last quarter. Wedmont Private Capital bought a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at about $224,000. Finally, Park Avenue Securities LLC raised its holdings in shares of Pinnacle Financial Partners by 25.7% in the fourth quarter. Park Avenue Securities LLC now owns 8,702 shares of the financial services provider’s stock valued at $995,000 after buying an additional 1,777 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Trading Up 0.5%

Shares of PNFP stock opened at $111.51 on Wednesday. Pinnacle Financial Partners has a 12 month low of $73.62 and a 12 month high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average is $100.47 and its two-hundred day moving average is $112.26. The company has a market cap of $8.63 billion, a PE ratio of 18.65 and a beta of 1.00.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.37 million for the quarter, compared to the consensus estimate of $478.11 million. During the same quarter last year, the company posted $1.53 earnings per share. Equities analysts predict that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.86%. Pinnacle Financial Partners’s payout ratio is presently 15.53%.

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.