Pinnacle Financial Partners, Inc. (NYSE:PNFP) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analysts maintain a “Moderate Buy” consensus on Pinnacle Financial Partners, with 15 buy, two strong-buy and four hold ratings. The average one-year price target is approximately $119.68, above the reported $96.80 share price.
• Recent insider activity was mixed: executives bought roughly $1.3 million of shares over the past 90 days, but insiders sold about $19.2 million. Institutional investors own a substantial 87.4% of the company.
• Pinnacle exceeded quarterly earnings expectations, reporting $2.50 in EPS versus a $2.46 consensus estimate, while revenue matched forecasts at $1.24 billion. The company also pays a quarterly dividend of $0.50, equal to a 2.1% annualized yield.

Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) has been assigned an average rating of "Moderate Buy" from the twenty-one analysts that are covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $119.6842.

PNFP has been the subject of a number of research reports. Benchmark increased their target price on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Morgan Stanley assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday, September 8th. They set an "overweight" rating and a $137.00 price target on the stock. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Hovde Group assumed coverage on shares of Pinnacle Financial Partners in a research note on Wednesday. They issued an "outperform" rating and a $125.00 price objective for the company. Finally, TD Cowen raised their target price on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a "buy" rating in a research report on Monday, July 27th.

Insider Transactions at Pinnacle Financial Partners

In other news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the stock in a transaction on Friday, July 24th. The stock was acquired at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the acquisition, the insider directly owned 324,233 shares in the company, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kevin S. Blair bought 2,565 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was purchased at an average price of $97.48 per share, with a total value of $250,036.20. Following the completion of the transaction, the chief executive officer directly owned 152,397 shares of the company's stock, valued at approximately $14,855,659.56. The trade was a 1.71% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders purchased 13,078 shares of company stock worth $1,299,640 and sold 177,228 shares worth $19,153,713. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PNFP. BlackRock Inc. bought a new stake in shares of Pinnacle Financial Partners in the second quarter worth $1,704,708,000. Dimensional Fund Advisors LP increased its holdings in Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company's stock valued at $433,712,000 after purchasing an additional 2,244,659 shares during the period. Wellington Management Group LLP raised its position in Pinnacle Financial Partners by 22.1% during the 2nd quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company's stock worth $1,123,944,000 after purchasing an additional 2,016,827 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Pinnacle Financial Partners during the 2nd quarter worth $133,031,000. Finally, Norges Bank acquired a new position in Pinnacle Financial Partners during the 4th quarter worth about $116,349,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $96.80 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. Pinnacle Financial Partners has a 52 week low of $81.08 and a 52 week high of $110.33. The firm has a market cap of $7.51 billion, a PE ratio of 13.30, a P/E/G ratio of 0.39 and a beta of 1.01. The stock's fifty day simple moving average is $102.06.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. On average, research analysts forecast that Pinnacle Financial Partners will post 10.17 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, August 7th. Pinnacle Financial Partners's dividend payout ratio is presently 27.47%.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.

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