Pinnacle Financial Partners, Inc. (NYSE:PNFP) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Pinnacle Financial Partners, with 13 buy, two strong-buy and four hold ratings among 19 analysts. The average 12-month price target is $117, versus the stock’s reported $104.85 price.
• Pinnacle exceeded quarterly earnings expectations, reporting $2.50 in EPS versus the $2.46 consensus estimate, while revenue matched forecasts at $1.24 billion. Analysts project full-year EPS of $10.18.
• The company declared a quarterly dividend of $0.50, equivalent to a $2.00 annual payout and a 1.9% yield; insider Robert A. McCabe Jr. also purchased approximately $1 million of shares, while institutional investors own 87.4% of the stock.

Shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) have earned a consensus rating of "Moderate Buy" from the nineteen ratings firms that are covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $117.00.

A number of research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Tuesday, May 12th. TD Cowen raised their price target on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a "buy" rating in a research note on Monday. Truist Financial lifted their price target on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a "buy" rating in a report on Tuesday. Robert W. Baird started coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an "outperform" rating and a $115.00 price objective on the stock. Finally, Barclays dropped their price objective on Pinnacle Financial Partners from $135.00 to $130.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 7th.

Pinnacle Financial Partners Price Performance

NYSE PNFP opened at $104.85 on Friday. The business's fifty day simple moving average is $98.60. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The company has a market cap of $8.13 billion, a PE ratio of 14.40, a price-to-earnings-growth ratio of 0.42 and a beta of 1.04. Pinnacle Financial Partners has a one year low of $81.08 and a one year high of $107.00.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share 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 company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Research analysts expect that Pinnacle Financial Partners will post 10.18 EPS 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 28th. Shareholders of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date is Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. Pinnacle Financial Partners's payout ratio is presently 27.47%.

Insider Activity at Pinnacle Financial Partners

In other news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the company's stock in a transaction dated Friday, July 24th. The shares were purchased at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the transaction, the insider directly owned 324,233 shares of the company's stock, valued at approximately $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its holdings in Pinnacle Financial Partners by 63.1% during the fourth quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company's stock valued at $508,551,000 after purchasing an additional 2,062,504 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company's stock worth $433,712,000 after purchasing an additional 2,244,659 shares in the last quarter. State Street Corp raised its position in shares of Pinnacle Financial Partners by 5.5% in the fourth quarter. State Street Corp now owns 3,451,939 shares of the company's stock valued at $329,350,000 after purchasing an additional 179,819 shares during the period. Wellington Management Group LLP raised its position in shares of Pinnacle Financial Partners by 42.2% in the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company's stock valued at $292,634,000 after purchasing an additional 910,367 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Pinnacle Financial Partners by 9.6% during the 4th quarter. Invesco Ltd. now owns 2,188,080 shares of the company's stock valued at $208,765,000 after buying an additional 191,292 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners NYSE: PNFP is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.