Brokerages Set Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Target Price at $113.64

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have received an average rating of “Hold” from the eleven brokerages that are currently covering the company, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $113.64.

PNFP has been the topic of several research reports. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Truist Financial increased their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Stephens lifted their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Barclays upped their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Finally, Wells Fargo & Company raised their price target on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 3,610 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $126.07, for a total transaction of $455,112.70. Following the completion of the transaction, the director now directly owns 139,489 shares in the company, valued at approximately $17,585,378.23. This represents a 2.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the sale, the chief financial officer now owns 60,805 shares in the company, valued at approximately $7,635,283.85. The trade was a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,661 shares of company stock worth $9,563,127 in the last three months. Company insiders own 1.87% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PNFP. International Assets Investment Management LLC acquired a new stake in Pinnacle Financial Partners during the 2nd quarter worth $29,000. Ashton Thomas Securities LLC acquired a new stake in shares of Pinnacle Financial Partners in the third quarter valued at about $30,000. UMB Bank n.a. lifted its stake in shares of Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after buying an additional 226 shares in the last quarter. Values First Advisors Inc. purchased a new stake in Pinnacle Financial Partners during the 3rd quarter valued at about $49,000. Finally, Quarry LP grew its stake in Pinnacle Financial Partners by 3,500.0% during the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock valued at $61,000 after acquiring an additional 735 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $117.70 on Friday. The firm has a market capitalization of $9.09 billion, a price-to-earnings ratio of 22.38 and a beta of 1.08. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s 50-day simple moving average is $114.25 and its 200-day simple moving average is $97.34. Pinnacle Financial Partners has a fifty-two week low of $73.62 and a fifty-two week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same quarter in the previous year, the firm earned $1.79 EPS. As a group, equities analysts forecast that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.75%. Pinnacle Financial Partners’s payout ratio is 16.73%.

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.