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

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has earned an average rating of “Moderate Buy” from the ten analysts that are presently covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $99.00.

Several research firms have weighed in on PNFP. Truist Financial increased their price target on shares of Pinnacle Financial Partners from $87.00 to $101.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Citigroup lifted their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Stephens lowered their price objective on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. Finally, Barclays boosted their target price on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Thursday, July 18th.

Pinnacle Financial Partners Stock Down 1.5 %

PNFP opened at $96.12 on Friday. The stock’s fifty day simple moving average is $89.97 and its 200 day simple moving average is $84.01. Pinnacle Financial Partners has a 1-year low of $59.66 and a 1-year high of $99.90. The stock has a market cap of $7.42 billion, a PE ratio of 13.76 and a beta of 1.05. 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 (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.03. The company had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. As a group, research analysts expect that Pinnacle Financial Partners will post 6.83 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.88 annualized dividend and a yield of 0.92%. Pinnacle Financial Partners’s dividend payout ratio is 12.59%.

Institutional Trading of Pinnacle Financial Partners

Several large investors have recently bought and sold shares of the business. Wasatch Advisors LP boosted its stake in shares of Pinnacle Financial Partners by 41.8% during the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after purchasing an additional 985,694 shares in the last quarter. Norges Bank acquired a new stake in Pinnacle Financial Partners during the 4th quarter worth approximately $83,461,000. Principal Financial Group Inc. grew its holdings in Pinnacle Financial Partners by 185.5% during the 4th quarter. Principal Financial Group Inc. now owns 808,135 shares of the financial services provider’s stock worth $70,486,000 after acquiring an additional 525,101 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Pinnacle Financial Partners by 14.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock worth $230,951,000 after acquiring an additional 334,502 shares during the last quarter. Finally, Swedbank AB acquired a new position in Pinnacle Financial Partners in the 1st quarter valued at approximately $21,470,000. 87.40% of the stock is owned by institutional investors and hedge funds.

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.