Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives $125.18 Average PT from Analysts

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has received an average rating of “Hold” from the eleven analysts that are currently covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $125.18.

A number of research analysts have weighed in on PNFP shares. Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. UBS Group initiated coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target on the stock. Citigroup boosted their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a research report on Monday, November 18th. Finally, Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the company’s stock in a transaction on 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 sale, the chairman now directly owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This represents a 28.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David B. Ingram sold 20,000 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the sale, the director now directly owns 92,565 shares in the company, valued at $11,665,041.30. This trade represents a 17.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 166,970 shares of company stock valued at $20,474,461. 1.87% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Pinnacle Financial Partners by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider’s stock valued at $823,652,000 after purchasing an additional 87,058 shares during the last quarter. FMR LLC increased its holdings in shares of Pinnacle Financial Partners by 10.6% in the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider’s stock valued at $343,549,000 after purchasing an additional 286,894 shares during the last quarter. North Reef Capital Management LP increased its holdings in shares of Pinnacle Financial Partners by 57.1% in 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 during the last quarter. Capital Research Global Investors increased its holdings in shares of Pinnacle Financial Partners by 57.0% in the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock valued at $178,425,000 after purchasing an additional 566,061 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Pinnacle Financial Partners by 16.5% in the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider’s stock valued at $172,072,000 after purchasing an additional 213,505 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $113.07 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners has a twelve month low of $73.62 and a twelve month high of $131.91. The firm’s 50 day moving average price is $118.45 and its two-hundred day moving average price is $110.39. The firm has a market cap of $8.73 billion, a P/E ratio of 18.91 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. During the same quarter in the previous year, the firm posted $1.68 earnings per share. The business’s revenue was up 19.9% on a year-over-year basis. On average, analysts forecast that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be given a dividend of $0.24 per share. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.85%. The ex-dividend date is Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio is 16.05%.

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.