Pinnacle Financial Partners (NASDAQ:PNFP) Upgraded at Barclays

Barclays upgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP - Free Report) from an equal weight rating to an overweight rating in a research note published on Thursday morning, MarketBeat Ratings reports. The firm currently has $135.00 price objective on the financial services provider's stock, up from their prior price objective of $120.00.

A number of other research firms have also recently commented on PNFP. Truist Financial boosted their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. UBS Group began coverage on shares of Pinnacle Financial Partners in a report on Tuesday. They issued a "neutral" rating and a $133.00 price objective on the stock. Keefe, Bruyette & Woods restated a "market perform" rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Hovde Group cut Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price target on the stock. in a research note on Monday, November 18th. Finally, Stephens raised their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $118.91.

Pinnacle Financial Partners Trading Down 0.1 %

Shares of NASDAQ PNFP traded down $0.10 during midday trading on Thursday, hitting $110.95. The stock had a trading volume of 799,322 shares, compared to its average volume of 473,723. The company has a fifty day moving average price of $115.47 and a 200 day moving average price of $98.13. The company has a market capitalization of $8.57 billion, a price-to-earnings ratio of 21.09 and a beta of 1.08. Pinnacle Financial Partners has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same quarter in the prior year, the business earned $1.79 earnings per share. On average, analysts predict that Pinnacle Financial Partners will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were given a $0.22 dividend. This represents a $0.88 annualized dividend 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

In related news, Director David B. Ingram sold 20,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, December 6th. The shares were 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. The trade was a 17.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the firm's stock in a transaction dated 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 approximately $7,635,283.85. The trade was a 4.78 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,661 shares of company stock valued at $9,563,127. 1.87% of the stock is currently owned by company insiders.

Institutional Trading of Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC purchased a new stake in Pinnacle Financial Partners during the second quarter valued at about $29,000. Ashton Thomas Securities LLC acquired a new position in Pinnacle Financial Partners during the third quarter valued at $30,000. UMB Bank n.a. lifted its stake in Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider's stock worth $49,000 after acquiring an additional 226 shares in the last quarter. Values First Advisors Inc. acquired a new stake in Pinnacle Financial Partners during the 3rd quarter worth about $49,000. Finally, Quarry LP grew its stake in Pinnacle Financial Partners by 3,500.0% during the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider's stock valued at $61,000 after acquiring an additional 735 shares in the last quarter. 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.