Analysts Set Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Price Target at $124.70

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the ten research firms that are covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $119.50.

A number of brokerages recently commented on PNFP. JPMorgan Chase & Co. lowered their target price on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday. Stephens reissued an "overweight" rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods cut their target price on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research note on Thursday. Citigroup increased their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a report on Tuesday, December 31st. Finally, Wells Fargo & Company dropped their price target on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th.

Pinnacle Financial Partners Trading Up 0.8 %

Shares of Pinnacle Financial Partners stock traded up $0.76 on Friday, reaching $95.51. The company had a trading volume of 41,583 shares, compared to its average volume of 506,001. The firm's 50 day moving average price is $105.81 and its two-hundred day moving average price is $111.77. 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 52-week low of $73.62 and a 52-week high of $131.91. The firm has a market cap of $7.39 billion, a PE ratio of 16.06 and a beta of 0.94.

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Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. During the same quarter in the previous year, the company earned $1.53 earnings per share. Sell-side analysts predict that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.01%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 16.05%.

Insiders Place Their Bets

In other news, Director Glenda Baskin Glover sold 3,000 shares of the company's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the completion of the transaction, the director now owns 9,943 shares in the company, valued at approximately $1,009,711.65. This represents a 23.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the sale, the director now owns 40,991 shares in the company, valued at $5,185,361.50. This represents a 49.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 95,350 shares of company stock valued at $11,421,320 in the last ninety days. Insiders own 1.46% of the company's stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of Pinnacle Financial Partners by 1.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 19,804 shares of the financial services provider's stock valued at $2,100,000 after purchasing an additional 342 shares during the period. GAMMA Investing LLC grew its position in shares of Pinnacle Financial Partners by 51.7% during the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock worth $171,000 after acquiring an additional 551 shares during the last quarter. Pallas Capital Advisors LLC purchased a new stake in Pinnacle Financial Partners in the 1st quarter valued at $218,000. UMB Bank n.a. boosted its stake in Pinnacle Financial Partners by 16.6% during the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock worth $91,000 after purchasing an additional 122 shares during the period. Finally, Independence Bank of Kentucky grew its position in Pinnacle Financial Partners by 10.4% during the 1st quarter. Independence Bank of Kentucky now owns 7,060 shares of the financial services provider's stock worth $749,000 after purchasing an additional 665 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

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.