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

Pinnacle Financial Partners, Inc. (NYSE:PNFP) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $107.52 and last traded at $107.2560, with a volume of 55880 shares changing hands. The stock had previously closed at $105.23.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of analyst reports. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Benchmark lowered their target price on shares of Pinnacle Financial Partners from $132.00 to $125.00 and set a “buy” rating on the stock in a report on Friday, July 24th. TD Cowen boosted their price target on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. DA Davidson increased their price target on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Finally, Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $117.00.

Pinnacle Financial Partners Price Performance

The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The firm has a market cap of $8.32 billion, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 0.42 and a beta of 1.03. The business has a 50-day moving average price of $98.77.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. As a group, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 10.2 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 1.9%. Pinnacle Financial Partners’s dividend payout ratio is presently 27.47%.

Insider Buying and Selling

In related news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the stock in a transaction on 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 $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors and hedge funds have recently made changes to their positions in PNFP. Goldman Sachs Group Inc. raised its stake in Pinnacle Financial Partners by 6.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock valued at $69,060,000 after purchasing an additional 37,989 shares during the last quarter. Focus Partners Wealth lifted its holdings in Pinnacle Financial Partners by 13.9% in the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock valued at $504,000 after purchasing an additional 581 shares in the last quarter. Amundi boosted its stake in shares of Pinnacle Financial Partners by 25,700.0% during the 2nd quarter. Amundi now owns 4,386 shares of the company’s stock worth $513,000 after purchasing an additional 4,369 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth about $229,000. Finally, Cerity Partners LLC grew its holdings in shares of Pinnacle Financial Partners by 4.2% during the second quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock worth $2,877,000 after buying an additional 1,039 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Company Profile

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.