Brokerages Set Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Price Target at $88.78

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) has received an average recommendation of "Moderate Buy" from the nine research firms that are presently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $88.78.

Several equities research analysts have recently weighed in on PNFP shares. Stephens reiterated an "overweight" rating and set a $108.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 17th. Barclays initiated coverage on shares of Pinnacle Financial Partners in a report on Friday, March 8th. They set an "equal weight" rating and a $93.00 target price on the stock. UBS Group reduced their price target on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a "neutral" rating for the company in a research report on Thursday, January 18th. Finally, Truist Financial lifted their price objective on Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a "buy" rating in a research note on Monday.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock traded down $1.60 during trading on Tuesday, reaching $81.96. 360,346 shares of the company's stock traded hands, compared to its average volume of 466,761. Pinnacle Financial Partners has a 1 year low of $43.31 and a 1 year high of $92.33. The company has a market capitalization of $6.32 billion, a P/E ratio of 11.42 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.44. The firm's 50-day moving average is $83.63 and its 200 day moving average is $77.57.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Wednesday, January 17th. The financial services provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.01. The firm had revenue of $396.34 million for the quarter, compared to the consensus estimate of $416.97 million. Pinnacle Financial Partners had a return on equity of 9.78% and a net margin of 20.17%. The business's quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.76 earnings per share. Equities research analysts expect that Pinnacle Financial Partners will post 6.82 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Friday, February 2nd were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $0.88 dividend on an annualized basis and a yield of 1.07%. Pinnacle Financial Partners's payout ratio is 12.26%.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the transaction, the chief financial officer now directly owns 63,856 shares in the company, valued at approximately $5,250,240.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Chairman Robert A. Mccabe, Jr. sold 6,331 shares of the stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $87.43, for a total transaction of $553,519.33. Following the transaction, the chairman now owns 202,699 shares of the company's stock, valued at approximately $17,721,973.57. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 6,306 shares of the business's stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the sale, the chief financial officer now directly owns 63,856 shares of the company's stock, valued at $5,250,240.32. The disclosure for this sale can be found here. Insiders sold a total of 54,175 shares of company stock valued at $4,487,253 over the last 90 days. Insiders own 1.87% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PNFP. Norges Bank purchased a new stake in Pinnacle Financial Partners during the 4th quarter valued at about $83,461,000. Wellington Management Group LLP grew its holdings in shares of Pinnacle Financial Partners by 102.7% in the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider's stock worth $125,394,000 after purchasing an additional 947,704 shares during the last quarter. North Reef Capital Management LP grew its holdings in shares of Pinnacle Financial Partners by 80.2% in the fourth quarter. North Reef Capital Management LP now owns 1,640,000 shares of the financial services provider's stock worth $143,041,000 after purchasing an additional 729,892 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Pinnacle Financial Partners by 185.5% in the fourth quarter. Principal Financial Group Inc. now owns 808,135 shares of the financial services provider's stock worth $70,486,000 after buying an additional 525,101 shares during the period. Finally, State Street Corp raised its holdings in Pinnacle Financial Partners by 17.4% during the 1st quarter. State Street Corp now owns 3,471,580 shares of the financial services provider's stock valued at $191,492,000 after buying an additional 514,970 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

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.