Brokerages Set Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) PT at $113.50

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) have received a consensus rating of "Hold" from the ten research firms that are covering the firm, Marketbeat Ratings reports. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $113.50.

Several analysts have issued reports on PNFP shares. Hovde Group lowered shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Jefferies Financial Group reissued a "hold" rating and set a $110.00 price target (down from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Keefe, Bruyette & Woods cut their price target on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating for the company in a report on Wednesday, August 13th. Citigroup cut their price target on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating for the company in a report on Friday, July 25th. Finally, Truist Financial reissued a "buy" rating and set a $127.00 price target (up from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th.

Insiders Place Their Bets

In related news, Director Thomas C. Farnsworth III bought 1,000 shares of the company's stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $84.94 per share, with a total value of $84,940.00. Following the completion of the purchase, the director owned 28,277 shares in the company, valued at approximately $2,401,848.38. The trade was a 3.67% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director G Kennedy Thompson bought 10,000 shares of the company's stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $85.65 per share, with a total value of $856,500.00. Following the completion of the purchase, the director owned 28,372 shares of the company's stock, valued at approximately $2,430,061.80. The trade was a 54.43% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 12,174 shares of company stock valued at $1,047,079. Insiders own 1.46% of the company's stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in shares of Pinnacle Financial Partners by 5.9% in the first quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider's stock worth $168,873,000 after acquiring an additional 88,282 shares during the last quarter. Fenimore Asset Management Inc grew its position in shares of Pinnacle Financial Partners by 2.2% during the 2nd quarter. Fenimore Asset Management Inc now owns 1,076,968 shares of the financial services provider's stock worth $118,908,000 after buying an additional 23,552 shares during the period. Norges Bank acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $113,461,000. The Manufacturers Life Insurance Company grew its position in shares of Pinnacle Financial Partners by 3.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,010,422 shares of the financial services provider's stock worth $111,561,000 after buying an additional 31,858 shares during the period. Finally, Azora Capital LP grew its position in shares of Pinnacle Financial Partners by 9.2% during the 1st quarter. Azora Capital LP now owns 998,474 shares of the financial services provider's stock worth $105,878,000 after buying an additional 84,538 shares during the period. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Stock Down 0.4%

PNFP stock traded down $0.44 during midday trading on Tuesday, reaching $97.36. The company had a trading volume of 1,152,237 shares, compared to its average volume of 1,048,913. The company has a market capitalization of $7.55 billion, a P/E ratio of 12.91 and a beta of 1.07. The company has a 50 day moving average of $99.84 and a two-hundred day moving average of $102.70. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. Pinnacle Financial Partners has a 1 year low of $81.57 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share 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 business had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. During the same quarter last year, the firm earned $1.63 EPS. Pinnacle Financial Partners's revenue for the quarter was up 15.1% on a year-over-year basis. On average, equities research analysts expect that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 1st were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, August 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 12.73%.

About Pinnacle Financial Partners

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.