Pinnacle Financial Partners (NASDAQ:PNFP) Now Covered by Analysts at UBS Group

UBS Group started coverage on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a research note issued to investors on Tuesday morning, MarketBeat.com reports. The firm issued a neutral rating and a $133.00 price target on the financial services provider’s stock.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Citigroup boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Truist Financial increased their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Barclays boosted their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 5th. Finally, Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research note on Monday, November 18th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus price target of $118.91.

Pinnacle Financial Partners Trading Down 0.1 %

NASDAQ PNFP opened at $110.95 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $8.57 billion, a P/E ratio of 21.09 and a beta of 1.08. Pinnacle Financial Partners has a 52-week low of $73.62 and a 52-week high of $131.91. The firm has a 50-day moving average price of $115.78 and a 200 day moving average price of $98.21.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The business had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same period in the prior year, the business posted $1.79 EPS. Equities research analysts expect that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is presently 16.73%.

Insider Activity at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the completion of the sale, the chairman now directly owns 123,000 shares in the company, valued at $15,263,070. The trade was a 28.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at $7,635,283.85. The trade was a 4.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,661 shares of company stock valued at $9,563,127. 1.87% of the stock is owned by insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in PNFP. Dimensional Fund Advisors LP boosted its stake in Pinnacle Financial Partners by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after buying an additional 292,401 shares during the last quarter. FMR LLC lifted its holdings in shares of Pinnacle Financial Partners by 11.6% during the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after acquiring an additional 282,016 shares during the period. Geode Capital Management LLC boosted its position in shares of Pinnacle Financial Partners by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock worth $130,192,000 after acquiring an additional 8,604 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Pinnacle Financial Partners by 20.5% in the third quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock worth $99,443,000 after acquiring an additional 172,750 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after purchasing an additional 208,938 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

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.