Pinnacle Financial Partners (NASDAQ:PNFP) Research Coverage Started at UBS Group

UBS Group assumed coverage on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a research note published on Tuesday, MarketBeat reports. The brokerage issued a neutral rating and a $133.00 price target on the financial services provider’s stock.

A number of other brokerages have also recently weighed in on PNFP. Citigroup lifted their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Wells Fargo & Company increased their price objective on Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Truist Financial boosted their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Stephens lifted 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. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $118.91.

Pinnacle Financial Partners Stock Down 0.1 %

NASDAQ PNFP opened at $110.95 on Tuesday. 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 $8.57 billion, a PE ratio of 21.09 and a beta of 1.08. The business’s fifty day simple moving average is $115.78 and its 200-day simple moving average is $98.21. 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) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating the consensus estimate of $1.79 by $0.07. The business had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same quarter in the prior year, the company posted $1.79 EPS. As a group, equities analysts anticipate that Pinnacle Financial Partners will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were paid a $0.22 dividend. The ex-dividend date was Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.79%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director David B. Ingram sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $126.02, for a total value of $2,520,400.00. Following the completion of the sale, the director now owns 92,565 shares in the company, valued at approximately $11,665,041.30. The trade was a 17.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the sale, the chairman now directly owns 123,000 shares of the company’s stock, 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. Over the last quarter, insiders have sold 76,661 shares of company stock valued at $9,563,127. 1.87% of the stock is owned by corporate insiders.

Institutional Trading of Pinnacle Financial Partners

Institutional investors and hedge funds have recently bought and sold shares of the business. Ashton Thomas Securities LLC purchased a new position in Pinnacle Financial Partners during the 3rd quarter worth $30,000. International Assets Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the second quarter worth about $29,000. UMB Bank n.a. grew its holdings in shares of Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after buying an additional 226 shares during the last quarter. Values First Advisors Inc. acquired a new position in Pinnacle Financial Partners in the 3rd quarter valued at about $49,000. Finally, Brooklyn Investment Group purchased a new stake in Pinnacle Financial Partners during the 3rd quarter valued at approximately $70,000. Hedge funds and other 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.