Analysts Set Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) PT at $95.50

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has earned a consensus recommendation of “Moderate Buy” from the eight research firms that are currently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $95.50.

Several analysts have commented on the company. Truist Financial reduced their price objective on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. UBS Group cut their price target on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, January 18th. Jefferies Financial Group lowered their price objective on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. Hovde Group dropped their price objective on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 23rd. Finally, Barclays started coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 target price for the company.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $81.04, for a total value of $9,339,778.96. Following the completion of the transaction, the chairman now directly owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The sale was disclosed in a filing with the SEC, which is available at this link. In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the sale, the chairman now directly owns 153,062 shares in the company, valued at $12,404,144.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 235,093 shares of company stock valued at $19,103,353. Corporate insiders own 1.87% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PNFP. International Assets Investment Management LLC lifted its stake in Pinnacle Financial Partners by 6,999.3% in the 4th quarter. International Assets Investment Management LLC now owns 30,527 shares of the financial services provider’s stock valued at $2,663,000 after buying an additional 30,097 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Pinnacle Financial Partners by 102.7% in the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock worth $125,394,000 after acquiring an additional 947,704 shares during the last quarter. FMR LLC lifted its position in shares of Pinnacle Financial Partners by 3.4% in the third quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock valued at $139,721,000 after acquiring an additional 69,197 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Pinnacle Financial Partners by 31.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 238,626 shares of the financial services provider’s stock valued at $20,813,000 after acquiring an additional 57,187 shares during the last quarter. Finally, Algert Global LLC increased its position in Pinnacle Financial Partners by 175.6% during the 3rd quarter. Algert Global LLC now owns 38,862 shares of the financial services provider’s stock worth $2,605,000 after purchasing an additional 24,763 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $79.36 on Friday. Pinnacle Financial Partners has a one year low of $43.31 and a one year high of $92.33. The stock has a market capitalization of $6.12 billion, a price-to-earnings ratio of 11.35 and a beta of 1.08. The company has a 50-day simple moving average of $82.11 and a 200-day simple moving average of $79.53. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be issued a $0.22 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.11%. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.