Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have received a consensus recommendation of “Moderate Buy” from the ten brokerages that are presently covering the stock, Marketbeat reports. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $124.70.

Several research firms have recently issued reports on PNFP. JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Citigroup raised their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Stephens reaffirmed an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. UBS Group started coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective for the company. Finally, Hovde Group cut their target price on Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating for the company in a research report on Wednesday, April 2nd.

Insider Transactions at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the transaction, the director now directly owns 40,991 shares of the company’s stock, valued at $5,185,361.50. This trade represents a 49.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO M Terry Turner sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the transaction, the chief executive officer now directly owns 254,552 shares of the company’s stock, valued at $25,615,567.76. This represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,350 shares of company stock valued at $11,421,320 in the last three months. 1.46% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds have recently bought and sold shares of PNFP. Norges Bank acquired a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at about $101,798,000. North Reef Capital Management LP grew its position in Pinnacle Financial Partners by 57.1% during the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock valued at $221,917,000 after purchasing an additional 705,000 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. acquired a new position in Pinnacle Financial Partners in the 4th quarter valued at approximately $78,110,000. Capital Research Global Investors lifted its position in Pinnacle Financial Partners by 57.0% in the 4th quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock worth $178,425,000 after buying an additional 566,061 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at $44,737,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Price Performance

NASDAQ PNFP opened at $90.04 on Friday. The company has a 50-day moving average price of $107.69 and a two-hundred day moving average price of $111.93. Pinnacle Financial Partners has a 52 week low of $73.62 and a 52 week high of $131.91. The stock has a market cap of $6.97 billion, a price-to-earnings ratio of 15.06 and a beta of 0.94. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.68 EPS. Analysts forecast that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were issued a $0.24 dividend. The ex-dividend date was Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 1.07%. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Pinnacle Financial Partners Company Profile

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.