Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Given Average Rating of "Hold" by Brokerages

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) has been given a consensus recommendation of "Hold" by the eleven ratings firms that are currently covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $125.18.

PNFP has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Truist Financial lifted their price objective 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. Wells Fargo & Company upped their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an "equal weight" rating in a report on Thursday. Stephens reiterated an "overweight" rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Finally, Citigroup raised their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a research report on Tuesday, December 31st.

Insider Buying and Selling

In other news, Director David B. Ingram sold 20,000 shares of the business's stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $126.02, for a total value of $2,520,400.00. Following the completion of the transaction, the director now owns 92,565 shares of the company's stock, valued at $11,665,041.30. The trade was a 17.77 % decrease in their position. 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 Pinnacle Financial Partners stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares of the company's stock, valued at approximately $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds have recently modified their holdings of the company. Hsbc Holdings PLC grew its holdings in Pinnacle Financial Partners by 14.6% in the second quarter. Hsbc Holdings PLC now owns 4,818 shares of the financial services provider's stock valued at $386,000 after purchasing an additional 613 shares during the period. Evergreen Capital Management LLC raised its position in Pinnacle Financial Partners by 9.9% during the second quarter. Evergreen Capital Management LLC now owns 2,664 shares of the financial services provider's stock worth $213,000 after acquiring an additional 240 shares during the period. Bank of Montreal Can lifted its holdings in Pinnacle Financial Partners by 2.4% during the second quarter. Bank of Montreal Can now owns 9,158 shares of the financial services provider's stock valued at $734,000 after purchasing an additional 215 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Pinnacle Financial Partners during the second quarter worth about $1,226,000. Finally, AQR Capital Management LLC raised its position in shares of Pinnacle Financial Partners by 143.0% during the 2nd quarter. AQR Capital Management LLC now owns 68,129 shares of the financial services provider's stock worth $5,332,000 after purchasing an additional 40,091 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Up 1.0 %

Shares of PNFP stock traded up $1.27 during trading hours on Monday, reaching $124.55. 537,429 shares of the stock were exchanged, compared to its average volume of 491,614. The firm has a market capitalization of $9.62 billion, a price-to-earnings ratio of 20.83 and a beta of 1.09. Pinnacle Financial Partners has a 12-month low of $73.62 and a 12-month high of $131.91. The company's 50-day moving average price is $119.31 and its 200-day moving average price is $105.71. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating analysts' consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm had revenue of $475.34 million for the quarter, compared to analysts' expectations of $470,334.57 billion. During the same quarter in the prior year, the firm posted $1.68 earnings per share. The company's quarterly revenue was up 19.9% on a year-over-year basis. As a group, equities analysts anticipate that Pinnacle Financial Partners will post 7.56 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be issued a dividend of $0.24 per share. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.77%. Pinnacle Financial Partners's payout ratio is 14.72%.

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.