Brokerages Set Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Target Price at $94.63

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have earned an average rating of “Moderate Buy” from the eight research firms that are covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $94.63.

A number of equities research analysts have recently issued reports on PNFP shares. Hovde Group lowered their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research note on Tuesday, April 23rd. Barclays assumed coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They set an “equal weight” rating and a $93.00 price objective for the company. Truist Financial lowered their price objective on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Stephens lowered their price objective on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. Finally, JPMorgan Chase & Co. lowered their price objective on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th.

Insider Buying and Selling

In related news, CEO M Terry Turner sold 72,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total value of $5,829,840.00. Following the sale, the chief executive officer now owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Pinnacle Financial Partners news, CEO M Terry Turner sold 72,000 shares of Pinnacle Financial Partners stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the sale, the chief executive officer now owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of Pinnacle Financial Partners stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $81.04, for a total value of $9,339,778.96. Following the sale, the chairman now directly owns 153,062 shares in the company, valued at approximately $12,404,144.48. The disclosure for this sale can be found here. Company insiders own 1.87% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

Several hedge funds have recently added to or reduced their stakes in the business. Caprock Group LLC raised its stake in Pinnacle Financial Partners by 2.2% during the 4th quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock valued at $489,000 after acquiring an additional 122 shares in the last quarter. NBC Securities Inc. increased its position in shares of Pinnacle Financial Partners by 1.3% during the 4th quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock valued at $821,000 after purchasing an additional 124 shares during the period. Verdence Capital Advisors LLC increased its position in shares of Pinnacle Financial Partners by 2.9% during the 1st quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 126 shares during the period. Covenant Partners LLC increased its position in shares of Pinnacle Financial Partners by 1.4% during the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock valued at $933,000 after purchasing an additional 149 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of Pinnacle Financial Partners by 0.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock valued at $4,930,000 after purchasing an additional 152 shares during the period. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $76.27 on Friday. The business’s 50-day moving average price is $79.75 and its 200 day moving average price is $82.59. Pinnacle Financial Partners has a twelve month low of $52.91 and a twelve month high of $92.33. The company has a market capitalization of $5.89 billion, a PE ratio of 10.91 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.01. Pinnacle Financial Partners had a return on equity of 9.31% and a net margin of 18.59%. The firm had revenue of $428.14 million for the quarter, compared to the consensus estimate of $413.27 million. On average, research analysts predict that Pinnacle Financial Partners will post 6.74 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 3rd were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.59%.

Pinnacle Financial Partners Company Profile

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.