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

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have been given an average recommendation of “Hold” by the eleven analysts that are covering the firm, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $125.18.

A number of equities analysts have recently commented on the company. Citigroup boosted their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. JPMorgan Chase & Co. lowered their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Wells Fargo & Company increased their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research report on Thursday, January 23rd. UBS Group assumed 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 raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $120.00 to $135.00 in a report on Thursday, December 19th.

Insider Activity at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the sale, the chief financial officer now owns 60,805 shares in the company, valued at $7,635,283.85. This represents a 4.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the transaction, the chairman now directly owns 123,000 shares in the company, valued at $15,263,070. The trade was a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 126,970 shares of company stock valued at $15,922,061 in the last three months. 1.87% of the stock is currently owned by company insiders.

Institutional Trading of Pinnacle Financial Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Forum Financial Management LP increased its holdings in shares of Pinnacle Financial Partners by 19.4% in the fourth quarter. Forum Financial Management LP now owns 2,660 shares of the financial services provider’s stock valued at $304,000 after purchasing an additional 433 shares during the period. Sunbeam Capital Management LLC purchased a new position in Pinnacle Financial Partners in the 4th quarter valued at $1,131,000. GTS Securities LLC acquired a new position in Pinnacle Financial Partners in the 4th quarter valued at $398,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Pinnacle Financial Partners by 27.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 254,472 shares of the financial services provider’s stock worth $29,109,000 after buying an additional 54,340 shares during the last quarter. Finally, Voloridge Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth $2,937,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $118.28 on Friday. 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 52-week low of $73.62 and a 52-week high of $131.91. The firm has a market cap of $9.14 billion, a PE ratio of 19.78 and a beta of 1.09. The company’s 50 day moving average is $118.68 and its two-hundred day moving average is $109.45.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. During the same period last year, the firm earned $1.68 earnings per share. The company’s revenue for the quarter was up 19.9% compared to the same quarter last year. On average, research analysts expect that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be issued a $0.24 dividend. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 0.81%. The ex-dividend date of this dividend is Friday, February 7th. Pinnacle Financial Partners’s payout ratio is presently 16.05%.

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.