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

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the ten brokerages that are currently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $129.60.

A number of analysts recently weighed in on the stock. UBS Group reiterated a "neutral" rating and issued a $121.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, July 9th. Hovde Group upgraded shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target on the stock in a research report on Wednesday, April 16th. Citigroup increased their price target on shares of Pinnacle Financial Partners from $134.00 to $140.00 and gave the company a "buy" rating in a research report on Thursday. Truist Financial reiterated a "buy" rating and issued a $127.00 price target (up from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Finally, Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Friday.

Pinnacle Financial Partners Stock Down 1.5%

Shares of NASDAQ PNFP opened at $117.04 on Monday. The firm's 50-day simple moving average is $110.15 and its 200 day simple moving average is $109.41. The company has a market cap of $9.08 billion, a price-to-earnings ratio of 15.52 and a beta of 1.01. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. Pinnacle Financial Partners has a 12-month low of $81.57 and a 12-month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The company had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. During the same period in the prior year, the company posted $1.63 EPS. The company's revenue was up 15.1% compared to the same quarter last year. On average, research analysts expect that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 1st will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle Financial Partners's dividend payout ratio is currently 12.73%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PNFP. GAMMA Investing LLC grew its position in Pinnacle Financial Partners by 51.7% in the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock valued at $171,000 after acquiring an additional 551 shares during the last quarter. Golden State Wealth Management LLC bought a new position in Pinnacle Financial Partners in the first quarter valued at about $48,000. M&T Bank Corp grew its holdings in shares of Pinnacle Financial Partners by 9.0% during the first quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider's stock worth $868,000 after purchasing an additional 674 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Pinnacle Financial Partners by 3.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 142,165 shares of the financial services provider's stock worth $14,892,000 after purchasing an additional 4,356 shares during the last quarter. Finally, Impax Asset Management Group plc bought a new stake in shares of Pinnacle Financial Partners during the first quarter worth about $7,423,000. Institutional investors and hedge funds 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.

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