Pinnacle Financial Partners (NYSE:PNFP) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of Pinnacle Financial Partners (NYSE:PNFP) from a sell rating to a hold rating in a report published on Wednesday morning.

Other equities analysts have also issued reports about the company. Piper Sandler upped their target price on Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 28th. JPMorgan Chase & Co. lifted their price target on Pinnacle Financial Partners from $110.00 to $125.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Bank of America began coverage on Pinnacle Financial Partners in a report on Monday, December 8th. They set a “buy” rating and a $113.00 price objective for the company. Raymond James Financial restated a “strong-buy” rating on shares of Pinnacle Financial Partners in a research report on Thursday, January 22nd. Finally, Weiss Ratings began coverage on shares of Pinnacle Financial Partners in a research report on Monday, March 9th. They set a “hold (c+)” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $113.41.

Pinnacle Financial Partners Stock Down 1.3%

Pinnacle Financial Partners stock opened at $82.08 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Pinnacle Financial Partners has a fifty-two week low of $81.57 and a fifty-two week high of $120.46. The firm has a market capitalization of $6.37 billion, a PE ratio of 10.15, a PEG ratio of 0.38 and a beta of 1.02.

Pinnacle Financial Partners Dividend Announcement

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

Insider Buying and Selling

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of the stock in a transaction dated Thursday, February 12th. The stock was purchased at an average cost of $94.52 per share, for a total transaction of $94,520.00. Following the acquisition, 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 position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 1.46% of the stock is owned by insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of large investors have recently added to or reduced their stakes in PNFP. Brown Brothers Harriman & Co. bought a new position in shares of Pinnacle Financial Partners during the third quarter valued at about $26,000. High Point Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at about $27,000. BOKF NA lifted its stake in shares of 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 acquiring an additional 265 shares during the last quarter. Activest Wealth Management purchased a new stake in Pinnacle Financial Partners during the 4th quarter valued at about $28,000. Finally, Covestor Ltd boosted its holdings in 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 period. 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.