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

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has earned an average recommendation of “Moderate Buy” from the eight brokerages that are currently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $95.50.

PNFP has been the subject of several analyst reports. Stephens reissued an “overweight” rating and issued a $109.00 target price on shares of Pinnacle Financial Partners in a research note on Tuesday. Jefferies Financial Group cut their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, April 8th. Barclays began coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 target price for the company. Truist Financial dropped their price objective on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a research note on Wednesday.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the sale, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Pinnacle Financial Partners news, CEO M Terry Turner sold 24,057 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $1,977,966.54. Following the completion of the transaction, the chief executive officer now owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the transaction, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. Insiders sold 47,844 shares of company stock valued at $3,933,734 over the last 90 days. 1.87% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of hedge funds have recently added to or reduced their stakes in the business. Red Door Wealth Management LLC bought a new stake in Pinnacle Financial Partners in the third quarter valued at $214,000. Peregrine Capital Management LLC raised its stake in shares of Pinnacle Financial Partners by 1,239.7% during the third quarter. Peregrine Capital Management LLC now owns 158,900 shares of the financial services provider’s stock valued at $10,653,000 after purchasing an additional 147,039 shares in the last quarter. Hunter Perkins Capital Management LLC raised its stake in shares of Pinnacle Financial Partners by 6.0% during the third quarter. Hunter Perkins Capital Management LLC now owns 9,595 shares of the financial services provider’s stock valued at $643,000 after purchasing an additional 545 shares in the last quarter. Covenant Partners LLC raised its stake in shares of Pinnacle Financial Partners by 3.2% during the third quarter. Covenant Partners LLC now owns 10,550 shares of the financial services provider’s stock valued at $707,000 after purchasing an additional 330 shares in the last quarter. Finally, Bfsg LLC bought a new stake in shares of Pinnacle Financial Partners during the third quarter valued at about $277,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 1.5 %

Shares of PNFP stock opened at $80.29 on Friday. The firm has a 50-day moving average price of $82.20 and a 200 day moving average price of $79.29. Pinnacle Financial Partners has a twelve month low of $43.31 and a twelve month high of $92.33. The company has a market capitalization of $6.19 billion, a price-to-earnings ratio of 11.49 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.59%.

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.