Brokerages Set Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Target Price at $119.73

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has been given a consensus rating of “Hold” by the eleven research firms that are covering the stock, MarketBeat.com reports. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $119.73.

Several research analysts recently commented on PNFP shares. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research note on Monday, November 18th. Truist Financial boosted their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Stephens increased their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Finally, UBS Group assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective for the company.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the completion of the transaction, the director now owns 92,565 shares in the company, valued at $11,665,041.30. The trade was a 17.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the sale, the chairman now owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. The trade was a 28.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 76,661 shares of company stock valued at $9,563,127. 1.87% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its position in Pinnacle Financial Partners by 17.9% in the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock valued at $18,282,000 after buying an additional 28,327 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $3,606,000. Pier Capital LLC lifted its holdings in shares of Pinnacle Financial Partners by 16.5% in the 2nd quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock valued at $8,948,000 after buying an additional 15,797 shares during the period. Edgestream Partners L.P. grew its holdings in Pinnacle Financial Partners by 1,017.9% during the second quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider’s stock worth $5,688,000 after acquiring an additional 64,707 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Pinnacle Financial Partners by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock worth $90,141,000 after acquiring an additional 9,856 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 1.7 %

Shares of PNFP opened at $115.42 on Thursday. The firm has a market cap of $8.92 billion, a P/E ratio of 21.94 and a beta of 1.09. Pinnacle Financial Partners has a 12 month low of $73.62 and a 12 month high of $131.91. The stock’s 50 day moving average is $118.38 and its two-hundred day moving average is $101.13. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The company had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same period in the previous year, the firm posted $1.79 EPS. Analysts predict that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were given a $0.22 dividend. The ex-dividend date was Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.76%. Pinnacle Financial Partners’s dividend payout ratio is presently 16.73%.

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.