Pinnacle Financial Partners (NASDAQ:PNFP) Sets New 12-Month High – Time to Buy?

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $120.00 and last traded at $120.00, with a volume of 5995 shares. The stock had previously closed at $106.34.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PNFP shares. Hovde Group boosted their price objective on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price target for the company from $95.00 to $98.00 in a research report on Thursday, July 18th. Citigroup upped their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Stephens upped their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, Barclays upped their price target on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and a consensus price target of $106.60.

Pinnacle Financial Partners Stock Performance

The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $9.19 billion, a price-to-earnings ratio of 22.63 and a beta of 1.04. The stock’s 50 day moving average price is $99.60 and its two-hundred day moving average price is $89.56.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The business had revenue of $810.11 million for the quarter, compared to analysts’ expectations 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 period in the prior year, the company posted $1.79 EPS. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a yield of 0.74%. Pinnacle Financial Partners’s payout ratio is 16.73%.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds have recently modified their holdings of PNFP. BNP Paribas Financial Markets boosted its stake in shares of Pinnacle Financial Partners by 28.9% during the 1st quarter. BNP Paribas Financial Markets now owns 7,229 shares of the financial services provider’s stock worth $621,000 after purchasing an additional 1,622 shares during the last quarter. Texas Permanent School Fund Corp grew its position in Pinnacle Financial Partners by 0.4% in the first quarter. Texas Permanent School Fund Corp now owns 66,564 shares of the financial services provider’s stock valued at $5,717,000 after acquiring an additional 271 shares in the last quarter. Tectonic Advisors LLC grew its position in shares of Pinnacle Financial Partners by 10.6% during the first quarter. Tectonic Advisors LLC now owns 44,112 shares of the financial services provider’s stock worth $3,788,000 after buying an additional 4,230 shares in the last quarter. Sei Investments Co. boosted its holdings in Pinnacle Financial Partners by 34.6% in the first quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider’s stock worth $19,890,000 after purchasing an additional 59,583 shares during the period. Finally, Headlands Technologies LLC acquired a new position in Pinnacle Financial Partners in the first quarter worth $133,000. 87.40% of the stock is owned by institutional investors and hedge funds.

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.