Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives Average Rating of “Moderate Buy” from Analysts

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the company, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $106.60.

PNFP has been the subject of a number of analyst reports. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research report on Monday. Wells Fargo & Company raised 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. Citigroup upped their target price on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Stephens raised their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Finally, Barclays upped their price target on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP opened at $101.92 on Friday. The business’s 50-day simple moving average is $96.87 and its 200 day simple moving average is $87.54. The company has a market cap of $7.87 billion, a P/E ratio of 19.38 and a beta of 1.05. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners has a one year low of $59.66 and a one year high of $107.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. The company had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same quarter last year, the firm posted $1.79 earnings per share. On average, sell-side analysts forecast that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.86%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.73%.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of large investors have recently bought and sold shares of the business. Wasatch Advisors LP raised its position in shares of Pinnacle Financial Partners by 41.8% during the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after purchasing an additional 985,694 shares during the period. Dimensional Fund Advisors LP increased its position in Pinnacle Financial Partners by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after buying an additional 292,401 shares during the period. Swedbank AB bought a new stake in Pinnacle Financial Partners in the first quarter valued at $21,470,000. Lee Danner & Bass Inc. bought a new stake in Pinnacle Financial Partners in the second quarter valued at $16,092,000. Finally, Stieven Capital Advisors L.P. acquired a new position in shares of Pinnacle Financial Partners during the first quarter valued at $6,003,000. Institutional investors own 87.40% of the company’s stock.

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.