Pinnacle Financial Partners, Inc. (NYSE:PNFP) Stock Has Average Target Price of $120.15

Shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) have been assigned a consensus rating of “Moderate Buy” from the twenty-one analysts that are covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, seventeen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $120.15.

A number of equities research analysts have recently commented on the company. Robert W. Baird raised their target price on Pinnacle Financial Partners from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, October 23rd. Truist Financial upped their price target on Pinnacle Financial Partners from $112.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, October 28th. Evercore reiterated an “outperform” rating on shares of Pinnacle Financial Partners in a research report on Tuesday, October 27th. TD Cowen raised their price objective on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a report on Friday, October 23rd. Finally, Benchmark raised their price objective on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 5th.

Pinnacle Financial Partners Trading Down 0.1%

Pinnacle Financial Partners stock opened at $102.83 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.72. Pinnacle Financial Partners has a 12 month low of $81.08 and a 12 month high of $110.33. The stock’s 50 day simple moving average is $97.75 and its two-hundred day simple moving average is $97.04. The firm has a market cap of $15.54 billion, a PE ratio of 10.48, a P/E/G ratio of 0.40 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, October 21st. The company reported $2.69 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.07. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.33%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Analysts anticipate that Pinnacle Financial Partners will post 10.25 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 6th will be given a dividend of $0.50 per share. The ex-dividend date is Friday, November 6th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.9%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 26.70%.

Insider Activity

In related news, insider M. Turner sold 66,783 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $108.01, for a total value of $7,213,231.83. Following the completion of the sale, the insider owned 302,230 shares of the company’s stock, valued at approximately $32,643,862.30. The trade was a 18.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gregory G. Montana acquired 500 shares of Pinnacle Financial Partners stock in a transaction on Thursday, September 10th. The shares were bought at an average price of $98.61 per share, with a total value of $49,305.00. Following the completion of the transaction, the director directly owned 4,959 shares of the company’s stock, valued at $489,006.99. This trade represents a 11.21% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have bought 13,065 shares of company stock worth $1,290,941 and have sold 179,491 shares worth $19,381,190. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors have recently modified their holdings of the stock. Bank of America Corp DE purchased a new stake in shares of Pinnacle Financial Partners during the second quarter worth approximately $70,269,000. Public Employees Retirement System of Ohio purchased a new position in Pinnacle Financial Partners in the 2nd quarter valued at $4,292,000. BlackRock Inc. purchased a new position in Pinnacle Financial Partners in the 2nd quarter valued at $1,704,708,000. Man Group plc purchased a new position in Pinnacle Financial Partners in the 2nd quarter valued at $19,969,000. Finally, Tectonic Advisors LLC grew its holdings in shares of Pinnacle Financial Partners by 44.0% during the third quarter. Tectonic Advisors LLC now owns 115,947 shares of the company’s stock worth $10,854,000 after buying an additional 35,453 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc. is a financial services company headquartered in Nashville, Tennessee. Founded in 2000, it operates Pinnacle Bank and provides banking and related financial services to individuals, businesses and other organizations. Its services include commercial and consumer banking, lending, treasury management, mortgage banking, wealth management, trust services and insurance. The company has built a regional presence across Tennessee and other Southeastern and Mid-Atlantic markets, including North Carolina, South Carolina, Georgia and Virginia.