Pinnacle Financial Partners, Inc. (NYSE:PNFP) Stock Has Consensus Target Price of $118.47 According to Brokerages

Key Points

• Analysts remain broadly positive: Pinnacle Financial Partners has a “Moderate Buy” consensus from 21 firms, with an average 12-month price target of $118.47 versus the stock’s $93.44 opening price.
• The company reported quarterly EPS of $2.50, beating estimates by $0.04, while revenue matched expectations at $1.24 billion. Analysts project full-year EPS of approximately $10.20.
• Pinnacle declared a quarterly dividend of $0.50 per share, equivalent to a $2.00 annualized payout and a 2.1% yield; institutional investors own 87.4% of the stock, while recent insider activity was net selling.

Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) has received a consensus rating of "Moderate Buy" from the twenty-one research firms that are presently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $118.47.

Several brokerages recently commented on PNFP. Truist Financial dropped their target price on Pinnacle Financial Partners from $118.00 to $112.00 and set a "buy" rating on the stock in a report on Friday. Piper Sandler increased their price target on Pinnacle Financial Partners from $123.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, October 2nd. Weiss Ratings raised Pinnacle Financial Partners from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. DA Davidson lifted their price target on Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Finally, Citigroup boosted their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a "buy" rating in a research note on Thursday, June 25th.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider M. Turner sold 66,783 shares of the business's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $108.01, for a total value of $7,213,231.83. Following the sale, the insider directly owned 302,230 shares in the company, valued at approximately $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin S. Blair purchased 2,565 shares of the business's stock in a transaction on Tuesday, September 1st. The stock was acquired at an average cost of $97.48 per share, with a total value of $250,036.20. Following the completion of the acquisition, the chief executive officer directly owned 152,397 shares in the company, valued at $14,855,659.56. The trade was a 1.71% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders acquired 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 currently owned by corporate insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds have recently made changes to their positions in PNFP. Brown Financial Advisors raised its stake in Pinnacle Financial Partners by 2.7% during the 2nd quarter. Brown Financial Advisors now owns 4,019 shares of the company's stock valued at $405,000 after purchasing an additional 105 shares during the period. Villanova Investment Management Co LLC lifted its holdings in shares of Pinnacle Financial Partners by 0.4% in the fourth quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company's stock valued at $2,720,000 after purchasing an additional 118 shares in the last quarter. Simplicity Wealth LLC boosted its position in shares of Pinnacle Financial Partners by 1.5% in the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company's stock worth $789,000 after buying an additional 131 shares during the period. Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of Pinnacle Financial Partners by 97.7% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company's stock worth $30,000 after buying an additional 173 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Pinnacle Financial Partners by 1.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 9,269 shares of the company's stock valued at $935,000 after buying an additional 174 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Down 1.1%

PNFP stock opened at $93.44 on Wednesday. The firm's 50-day moving average is $99.41 and its two-hundred day moving average is $97.77. The company has a market capitalization of $7.25 billion, a price-to-earnings ratio of 12.83, a price-to-earnings-growth ratio of 0.38 and a beta of 1.03. Pinnacle Financial Partners has a 52 week low of $81.08 and a 52 week high of $110.33. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. On average, analysts forecast that Pinnacle Financial Partners will post 10.20 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.1%. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 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 full-service banking and related financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial, small-business and consumer loans; checking, savings and money-market accounts; treasury and cash-management services; online and mobile banking; mortgage lending; and wealth-management, trust, investment and insurance services.

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