Pinnacle Financial Partners, Inc. (NYSE:PNFP) Receives $117.00 Average PT from Brokerages

Shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) have received an average recommendation of “Moderate Buy” from the nineteen brokerages that are covering the company, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $117.2941.

Several brokerages have weighed in on PNFP. Piper Sandler increased their target price on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Citigroup boosted their price target on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. TD Cowen upped their price objective on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, July 27th. DA Davidson increased their price objective on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Finally, Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th.

Pinnacle Financial Partners Stock Down 0.9%

Shares of Pinnacle Financial Partners stock opened at $106.35 on Friday. The firm has a market cap of $8.25 billion, a price-to-earnings ratio of 14.61, a PEG ratio of 0.43 and a beta of 1.03. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. Pinnacle Financial Partners has a 52 week low of $81.08 and a 52 week high of $110.33. The company has a fifty day simple moving average of $99.55.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. As a group, equities analysts expect that Pinnacle Financial Partners will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 27.47%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of PNFP. Simplicity Wealth LLC purchased a new stake in Pinnacle Financial Partners during the second quarter worth about $907,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of Pinnacle Financial Partners during the second quarter worth about $11,123,000. Global Retirement Partners LLC purchased a new position in shares of Pinnacle Financial Partners in the second quarter valued at approximately $172,000. SCS Capital Management LLC purchased a new position in shares of Pinnacle Financial Partners in the second quarter valued at approximately $855,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Pinnacle Financial Partners in the second quarter valued at approximately $133,031,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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.