Pinnacle Financial Partners (NASDAQ:PNFP) Receives Overweight Rating from Stephens

Stephens restated their overweight rating on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a research note issued to investors on Wednesday,Benzinga reports. Stephens currently has a $142.00 price target on the financial services provider’s stock.

A number of other equities research analysts also recently weighed in on the company. Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Hovde Group cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research note on Monday, November 18th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Finally, Citigroup boosted their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $124.73.

Pinnacle Financial Partners Stock Up 1.5 %

Pinnacle Financial Partners stock opened at $122.04 on Wednesday. The company’s 50-day moving average price is $119.40 and its two-hundred day moving average price is $104.77. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market cap of $9.43 billion, a P/E ratio of 23.20 and a beta of 1.09. Pinnacle Financial Partners has a twelve month low of $73.62 and a twelve month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. The company had revenue of $475.34 million for the quarter, compared to analyst estimates of $470,334.57 billion. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.68 earnings per share. As a group, analysts expect that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date is Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s payout ratio is currently 16.73%.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the sale, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the sale, the chairman now owns 123,000 shares in the company, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 76,661 shares of company stock valued at $9,563,127. 1.87% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds have recently added to or reduced their stakes in PNFP. OneDigital Investment Advisors LLC raised its stake in shares of Pinnacle Financial Partners by 1.3% during the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock valued at $651,000 after acquiring an additional 88 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Pinnacle Financial Partners by 0.6% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock worth $1,761,000 after purchasing an additional 100 shares during the last quarter. Blue Trust Inc. lifted its holdings in Pinnacle Financial Partners by 10.6% during the 3rd quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock worth $129,000 after buying an additional 126 shares during the period. Strategic Blueprint LLC grew its position in shares of Pinnacle Financial Partners by 3.4% in the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock valued at $394,000 after buying an additional 133 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Pinnacle Financial Partners by 16.5% in the third quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock valued at $97,000 after buying an additional 141 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

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.