Pinnacle Financial Partners (NASDAQ:PNFP) Reaches New 52-Week High – What’s Next?

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $128.82 and last traded at $128.06, with a volume of 40469 shares traded. The stock had previously closed at $126.78.

Wall Street Analyst Weigh In

A number of research analysts have commented on PNFP shares. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. Stephens increased 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. Citigroup increased their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Truist Financial increased their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Wells Fargo & Company increased their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $106.60.

Pinnacle Financial Partners Stock Down 1.1 %

The stock has a market cap of $9.64 billion, a PE ratio of 23.73 and a beta of 1.04. The firm has a fifty day moving average of $101.14 and a 200 day moving average of $90.58. 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 posted its 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 firm 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 earnings per share. On average, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.71%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 16.73%.

Hedge Funds Weigh In On Pinnacle Financial Partners

Hedge funds have recently made changes to their positions in the company. Atria Investments Inc grew its holdings in shares of Pinnacle Financial Partners by 40.9% during the first quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider’s stock worth $3,713,000 after purchasing an additional 12,551 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Pinnacle Financial Partners by 34.6% during the first quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider’s stock worth $19,890,000 after purchasing an additional 59,583 shares during the last quarter. Pier Capital LLC grew its holdings in shares of Pinnacle Financial Partners by 16.5% during the second quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock worth $8,948,000 after buying an additional 15,797 shares during the last quarter. Edgestream Partners L.P. grew its holdings in shares of Pinnacle Financial Partners by 1,017.9% during the second quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider’s stock worth $5,688,000 after buying an additional 64,707 shares during the last quarter. Finally, Swedbank AB purchased a new position in shares of Pinnacle Financial Partners during the first quarter worth about $21,470,000. 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.