Pinnacle Financial Partners, Inc. (NYSE:PNFP) Stock Has Consensus Target Price of $120.15 According to Analysts

Key Points

• Analysts rate Pinnacle Financial Partners a “Moderate Buy”: 18 of 21 analysts recommend buying or strongly buying the stock, with a consensus 12-month price target of $120.15.
• The company reported quarterly earnings of $2.69 per share, topping the $2.62 consensus estimate, and revenue of $1.32 billion, above forecasts of $1.28 billion.
• Pinnacle declared a quarterly dividend of $0.50 per share, equivalent to $2.00 annually and a 2.0% yield.

Shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) have earned a consensus rating of "Moderate Buy" from the twenty-one brokerages that are covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, seventeen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $120.15.

PNFP has been the subject of a number of research reports. Morgan Stanley lifted their target price on Pinnacle Financial Partners from $139.00 to $140.00 and gave the stock an "overweight" rating in a report on Friday, October 23rd. Royal Bank Of Canada increased their price target on shares of Pinnacle Financial Partners from $117.00 to $120.00 and gave the stock an "outperform" rating in a report on Friday, October 23rd. Stephens set a $112.00 price target on shares of Pinnacle Financial Partners in a research report on Monday, July 27th. Piper Sandler lifted their price objective on shares of Pinnacle Financial Partners from $125.00 to $127.00 and gave the company an "overweight" rating in a research note on Monday, October 26th. Finally, Benchmark lifted their price objective on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th.

Insider Activity at Pinnacle Financial Partners

In related news, CEO Kevin S. Blair purchased 2,565 shares of the business's stock in a transaction on Tuesday, September 1st. The shares were bought at an average cost of $97.48 per share, with a total value of $250,036.20. Following the transaction, the chief executive officer owned 152,397 shares of the company's stock, valued at approximately $14,855,659.56. This trade represents a 1.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory G. Montana purchased 500 shares of the business's stock in a transaction on Thursday, September 10th. The shares were bought at an average cost of $98.61 per share, for a total transaction of $49,305.00. Following the completion of the transaction, the director directly owned 4,959 shares in the company, valued at $489,006.99. This trade represents a 11.21% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders acquired 13,065 shares of company stock valued at $1,290,941 and sold 179,491 shares valued at $19,381,190. Company insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE purchased a new stake in Pinnacle Financial Partners in the 2nd quarter worth $70,269,000. Public Employees Retirement System of Ohio acquired a new position in Pinnacle Financial Partners during the second quarter worth $4,292,000. BlackRock Inc. acquired a new position in Pinnacle Financial Partners during the second quarter worth $1,704,708,000. Man Group plc purchased a new position in Pinnacle Financial Partners during the second quarter valued at $19,969,000. Finally, Tectonic Advisors LLC lifted its holdings in Pinnacle Financial Partners by 44.0% during the third quarter. Tectonic Advisors LLC now owns 115,947 shares of the company's stock valued at $10,854,000 after purchasing an additional 35,453 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $100.64 on Friday. The firm has a market capitalization of $7.81 billion, a price-to-earnings ratio of 13.44, a price-to-earnings-growth ratio of 0.39 and a beta of 1.04. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.93 and a quick ratio of 0.85. The business has a fifty day moving average of $97.66 and a 200 day moving average of $96.97. Pinnacle Financial Partners has a 1 year low of $81.08 and a 1 year high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The company reported $2.69 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.07. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Pinnacle Financial Partners had a return on equity of 11.33% and a net margin of 15.97%. As a group, research analysts expect that Pinnacle Financial Partners will post 10.25 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 6th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, November 6th. Pinnacle Financial Partners's dividend payout ratio (DPR) is 26.70%.

About Pinnacle Financial Partners

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

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.

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