Pinnacle Financial Partners (NYSE:PNFP) Price Target Raised to $127.00

Pinnacle Financial Partners (NYSE:PNFP) had its price target raised by Piper Sandler from $125.00 to $127.00 in a research report report published on Monday, MarketBeat.com reports. The firm currently has an overweight rating on the stock.

A number of other brokerages also recently issued reports on PNFP. Morgan Stanley lifted their price target on Pinnacle Financial Partners from $139.00 to $140.00 and gave the company an “overweight” rating in a report on Friday, October 23rd. TD Cowen upped their price objective on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research note on Friday, October 23rd. Benchmark upped their price objective on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Truist Financial dropped their price objective on Pinnacle Financial Partners from $118.00 to $112.00 and set a “buy” rating on the stock in a research report on Friday, October 9th. Finally, Evercore set a $108.00 target price on Pinnacle Financial Partners in a research note on Thursday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $120.15.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $99.51 on Monday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.85 and a current ratio of 0.85. The company has a 50 day moving average price of $97.54 and a 200-day moving average price of $96.73. Pinnacle Financial Partners has a fifty-two week low of $81.08 and a fifty-two week high of $110.33. The stock has a market capitalization of $7.72 billion, a PE ratio of 13.29, a PEG ratio of 0.40 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, October 21st. The company reported $2.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.07. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.33%. Equities analysts predict that Pinnacle Financial Partners will post 10.22 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 6th will be paid a $0.50 dividend. The ex-dividend date is Friday, November 6th. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 26.70%.

Insiders Place Their Bets

In related news, CEO Kevin S. Blair purchased 2,565 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was acquired at an average price of $97.48 per share, with a total value of $250,036.20. Following the completion of the acquisition, the chief executive officer owned 152,397 shares in the company, valued at approximately $14,855,659.56. This represents a 1.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gregory G. Montana acquired 500 shares of the stock in a transaction dated 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 purchase, the director directly owned 4,959 shares of the company’s stock, valued at approximately $489,006.99. This trade represents a 11.21% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have sold 177,228 shares of company stock valued at $19,153,713. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Hedge funds have recently made changes to their positions in the company. Resources Management Corp CT ADV purchased a new stake in Pinnacle Financial Partners during the 1st quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC increased its holdings in shares of Pinnacle Financial Partners by 97.7% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock valued at $30,000 after purchasing an additional 173 shares during the period. Basecamp Wealth Advisors LLC raised its stake in shares of Pinnacle Financial Partners by 112.2% in the first quarter. Basecamp Wealth Advisors LLC now owns 399 shares of the company’s stock worth $34,000 after purchasing an additional 211 shares during the last quarter. Leonteq Securities AG purchased a new position in shares of Pinnacle Financial Partners in the first quarter worth about $38,000. Finally, Root Financial Partners LLC purchased a new stake in Pinnacle Financial Partners in the third quarter valued at approximately $42,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.