Pinnacle Financial Partners (NYSE:PNFP) Sets New 1-Year Low – What’s Next?

Pinnacle Financial Partners, Inc. (NYSE:PNFP) shares reached a new 52-week low during trading on Thursday . The company traded as low as $81.00 and last traded at $81.8050, with a volume of 3397 shares. The stock had previously closed at $82.10.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PNFP. Royal Bank Of Canada upgraded Pinnacle Financial Partners to a “moderate buy” rating in a research report on Monday, January 5th. JPMorgan Chase & Co. increased their price objective on shares of Pinnacle Financial Partners from $110.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. Weiss Ratings assumed coverage on shares of Pinnacle Financial Partners in a report on Monday, March 9th. They set a “hold (c+)” rating for the company. TD Cowen restated a “buy” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, January 7th. Finally, Barclays upped their price target on shares of Pinnacle Financial Partners from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, December 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average target price of $113.41.

Pinnacle Financial Partners Stock Performance

The stock has a market capitalization of $6.46 billion, a P/E ratio of 9.86, a PEG ratio of 0.38 and a beta of 1.02. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 6th were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, February 6th. Pinnacle Financial Partners’s payout ratio is currently 24.72%.

Insider Activity

In other news, CFO Andrew J. Jr. Gregory bought 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were purchased at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the completion of the transaction, the chief financial officer owned 49,485 shares in the company, valued at $4,677,322.20. The trade was a 2.06% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.46% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Brown Brothers Harriman & Co. acquired a new position in Pinnacle Financial Partners in the third quarter valued at $26,000. High Point Wealth Management LLC acquired a new stake in Pinnacle Financial Partners in the 4th quarter worth about $27,000. BOKF NA grew its holdings in Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after buying an additional 265 shares during the period. Activest Wealth Management acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter valued at about $28,000. Finally, Covestor Ltd increased its stake in shares of Pinnacle Financial Partners by 193.9% during the 3rd quarter. Covestor Ltd now owns 338 shares of the company’s stock valued at $32,000 after acquiring an additional 223 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

About Pinnacle Financial Partners

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.