Hovde Group Lowers Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $120.00

Pinnacle Financial Partners (NASDAQ:PNFP - Free Report) had its price objective lowered by Hovde Group from $135.00 to $120.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has a market perform rating on the financial services provider's stock.

A number of other equities research analysts also recently weighed in on the company. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Stephens reiterated an "overweight" rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Wells Fargo & Company increased their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an "equal weight" rating in a report on Thursday, January 23rd. UBS Group began coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a "neutral" rating and a $133.00 price objective for the company. Finally, Barclays upgraded shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. 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 MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $123.82.

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Pinnacle Financial Partners Price Performance

Shares of PNFP traded down $1.37 during trading hours on Wednesday, hitting $85.82. 323,546 shares of the company were exchanged, compared to its average volume of 485,787. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a market cap of $6.64 billion, a price-to-earnings ratio of 14.37 and a beta of 0.94. The firm's fifty day moving average is $112.41 and its 200 day moving average is $112.51.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced 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. The firm had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business's revenue for the quarter was up 19.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.68 earnings per share. On average, equities analysts anticipate that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, February 7th. 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 1.12%. Pinnacle Financial Partners's dividend payout ratio is currently 16.05%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the company's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the transaction, the chairman now owns 83,000 shares in the company, valued at approximately $9,446,230. This represents a 32.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the transaction, the chief executive officer now owns 254,552 shares of the company's stock, valued at $25,615,567.76. This represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,350 shares of company stock valued at $11,421,320. Corporate insiders own 1.46% of the company's stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several large investors have recently bought and sold shares of the stock. Kapitalo Investimentos Ltda purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at about $78,000. UMB Bank n.a. lifted its holdings in Pinnacle Financial Partners by 48.1% during the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock worth $84,000 after acquiring an additional 239 shares during the period. Principal Securities Inc. grew its position in Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock valued at $92,000 after buying an additional 91 shares during the period. Trust Co. of Vermont bought a new position in shares of Pinnacle Financial Partners during the 4th quarter valued at approximately $97,000. Finally, Values First Advisors Inc. increased its stake in shares of Pinnacle Financial Partners by 189.9% during the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock worth $167,000 after purchasing an additional 955 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

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.