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

Key Points

• Analysts give Pinnacle Financial Partners a consensus rating of "Moderate Buy" from 19 firms (10 buys, 7 holds, 2 strong buys) with an average 12-month target of $112.25.
• CFO Andrew J. Gregory bought 1,000 shares at $94.52 on Feb. 12, raising his stake to 49,485 shares; insiders collectively own about 1.46% of the company.
• Pinnacle announced a quarterly dividend of $0.50 per share (annualized $2.00), payable May 29 with an ex-dividend date of May 1, implying a yield of about 2.1% and a payout ratio of 24.72%.

Shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Get Free Report) have earned an average recommendation of "Moderate Buy" from the nineteen ratings firms that are currently covering the stock, Marketbeat.com reports. Seven research analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $112.25.

PNFP has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft set a $116.00 target price on shares of Pinnacle Financial Partners and gave the company a "buy" rating in a report on Wednesday, January 21st. Piper Sandler increased their price objective on shares of Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 28th. Weiss Ratings began coverage on shares of Pinnacle Financial Partners in a research report on Monday, March 9th. They set a "hold (c+)" rating for the company. Barclays lowered their price objective on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Pinnacle Financial Partners from $120.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 1st.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of the stock in a transaction that occurred on Thursday, February 12th. The stock was purchased at an average price of $94.52 per share, with a total value of $94,520.00. Following the transaction, the chief financial officer owned 49,485 shares of the company's stock, valued at approximately $4,677,322.20. This trade represents a 2.06% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.46% of the company's stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of hedge funds have recently made changes to their positions in PNFP. Brown Brothers Harriman & Co. purchased a new position in Pinnacle Financial Partners in the 3rd quarter valued at approximately $26,000. High Point Wealth Management LLC purchased a new position in Pinnacle Financial Partners in the 4th quarter valued at approximately $27,000. BOKF NA boosted its position in Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company's stock valued at $27,000 after buying an additional 265 shares during the period. Activest Wealth Management purchased a new position in Pinnacle Financial Partners in the 4th quarter valued at approximately $28,000. Finally, Covestor Ltd boosted its position in Pinnacle Financial Partners by 193.9% in the 3rd quarter. Covestor Ltd now owns 338 shares of the company's stock valued at $32,000 after buying an additional 223 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Trading Down 1.0%

NYSE:PNFP opened at $97.39 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $7.55 billion, a price-to-earnings ratio of 12.04, a PEG ratio of 0.33 and a beta of 1.00. Pinnacle Financial Partners has a 1-year low of $81.08 and a 1-year high of $120.46.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 1st will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.1%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 24.72%.

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.

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