Pinnacle Financial Partners, Inc. (NYSE:PNFP) Stock Rated “Moderate Buy” by Wall Street Analysts

Shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) have earned a consensus rating of “Moderate Buy” from the twenty-one research firms that are currently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, sixteen have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $118.47.

Several research analysts have recently issued reports on the company. DA Davidson increased their target price on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Hovde Group assumed coverage on Pinnacle Financial Partners in a research note on Wednesday, September 16th. They issued an “outperform” rating and a $125.00 target price for the company. Benchmark lifted their price target on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, October 1st. Finally, Piper Sandler upped their price target on Pinnacle Financial Partners from $123.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 2nd.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $94.79 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 market cap of $7.35 billion, a P/E ratio of 13.02, a PEG ratio of 0.38 and a beta of 1.03. The firm has a 50-day moving average of $98.68 and a 200 day moving average of $97.99. 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 issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.46 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. On average, sell-side analysts forecast that Pinnacle Financial Partners will post 10.20 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 7th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.1%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 27.47%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider Robert McCabe, Jr. bought 10,013 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were purchased at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the acquisition, the insider owned 324,233 shares in the company, valued at approximately $32,390,876.70. This represents a 3.19% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gregory Montana bought 500 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, September 10th. The stock was acquired at an average cost of $98.61 per share, for a total transaction of $49,305.00. Following the completion of the transaction, the director directly owned 4,959 shares in the company, valued at approximately $489,006.99. This trade represents a 11.21% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have bought 13,078 shares of company stock worth $1,299,640 and have sold 177,228 shares worth $19,153,713. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in Pinnacle Financial Partners in the second quarter worth $1,704,708,000. Wellington Management Group LLP grew its stake in shares of Pinnacle Financial Partners by 22.1% in the second quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company’s stock worth $1,123,944,000 after acquiring an additional 2,016,827 shares during the last quarter. Dimensional Fund Advisors LP grew its stake 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 worth $433,712,000 after acquiring an additional 2,244,659 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Pinnacle Financial Partners by 85.6% during the first quarter. Bank of New York Mellon Corp now owns 1,389,822 shares of the company’s stock valued at $119,719,000 after acquiring an additional 640,967 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Pinnacle Financial Partners by 134.1% during the first quarter. The Manufacturers Life Insurance Company now owns 1,195,103 shares of the company’s stock valued at $102,946,000 after acquiring an additional 684,544 shares in the last quarter. 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 principal subsidiary, Pinnacle Bank, the company provides full-service banking and related financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial, small-business and consumer loans; checking, savings and money-market accounts; treasury and cash-management services; online and mobile banking; mortgage lending; and wealth-management, trust, investment and insurance services.