Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Given Average Rating of “Moderate Buy” by Analysts

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have received an average recommendation of “Moderate Buy” from the ten brokerages that are covering the firm, MarketBeat.com reports. Five equities 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 target among brokers that have covered the stock in the last year is $106.60.

Several research firms have recently commented on PNFP. Barclays lifted their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Stephens boosted their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Hovde Group raised their target price on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. Citigroup upped their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Wells Fargo & Company raised their price target on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors have recently bought and sold shares of PNFP. Dimensional Fund Advisors LP grew its holdings in shares of Pinnacle Financial Partners by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after acquiring an additional 292,401 shares during the period. FMR LLC boosted its position in shares of Pinnacle Financial Partners by 11.6% during the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after purchasing an additional 282,016 shares in the last quarter. Geode Capital Management LLC grew its stake in Pinnacle Financial Partners by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock worth $130,192,000 after purchasing an additional 8,604 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Pinnacle Financial Partners by 20.5% in the third quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock worth $99,443,000 after purchasing an additional 172,750 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in Pinnacle Financial Partners by 27.0% during 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 period. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $123.99 on Wednesday. Pinnacle Financial Partners has a 1-year low of $70.03 and a 1-year high of $129.38. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The business has a 50 day moving average of $102.85 and a 200 day moving average of $91.46. The company has a market capitalization of $9.58 billion, a price-to-earnings ratio of 23.57 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. The company had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same quarter in the prior year, the company earned $1.79 EPS. On average, sell-side analysts predict that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 16.73%.

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.