Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Given Consensus Rating of “Hold” by Brokerages

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has been given a consensus rating of “Hold” by the eleven ratings firms that are presently covering the company, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $125.18.

Several research firms recently weighed in on PNFP. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Thursday. Citigroup upped their price target 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. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research report on Monday, November 18th. Finally, Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the transaction, the chairman now owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. The trade was a 28.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David B. Ingram sold 20,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were 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. This trade represents a 17.77 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,661 shares of company stock valued at $9,563,127. Corporate insiders own 1.87% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC grew its position in shares of Pinnacle Financial Partners by 11.6% during the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after acquiring an additional 282,016 shares during the period. Geode Capital Management LLC grew its holdings in Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after purchasing an additional 8,604 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Pinnacle Financial Partners by 20.5% during the third quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock valued at $99,443,000 after purchasing an additional 172,750 shares during the period. Principal Financial Group Inc. increased its position in Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Pinnacle Financial Partners by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after buying an additional 9,856 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Up 0.8 %

Shares of PNFP opened at $123.28 on Monday. 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 $9.52 billion, a price-to-earnings ratio of 20.62 and a beta of 1.09. The business’s fifty day moving average is $119.31 and its 200-day moving average is $105.71.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. The firm had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470,334.57 billion. 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.68 earnings per share. Equities analysts anticipate that Pinnacle Financial Partners will post 7.56 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date is Friday, February 7th. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. 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.