Pinnacle Financial Partners (NASDAQ:PNFP) Sees Unusually-High Trading Volume - Time to Buy?

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) shares saw an uptick in trading volume on Wednesday . 745,271 shares changed hands during mid-day trading, an increase of 46% from the previous session's volume of 511,094 shares.The stock last traded at $109.03 and had previously closed at $111.80.

Analyst Ratings Changes

Several brokerages recently issued reports on PNFP. Citigroup decreased their price objective on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating for the company in a research report on Friday. Wells Fargo & Company decreased their price objective on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a research report on Friday. JPMorgan Chase & Co. boosted their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Jefferies Financial Group restated a "hold" rating and issued a $110.00 target price (down previously from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday. Finally, Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $123.60.

Pinnacle Financial Partners Trading Down 12.1%

The company has a market cap of $7.10 billion, a P/E ratio of 12.14 and a beta of 1.01. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The business has a 50 day moving average price of $109.66 and a 200-day moving average price of $109.14.

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

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors 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 1.05%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle Financial Partners's payout ratio is presently 12.73%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Pinnacle Financial Partners by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock worth $823,652,000 after acquiring an additional 87,058 shares during the last quarter. FMR LLC increased its holdings in shares of Pinnacle Financial Partners by 10.6% during the 4th quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock worth $343,549,000 after acquiring an additional 286,894 shares during the last quarter. North Reef Capital Management LP increased its holdings in shares of Pinnacle Financial Partners by 57.1% during the 4th quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock worth $221,917,000 after acquiring an additional 705,000 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Pinnacle Financial Partners by 5.9% during the 1st 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. Finally, Capital Research Global Investors increased its holdings in shares of Pinnacle Financial Partners by 57.0% during the 4th quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock worth $178,425,000 after acquiring an additional 566,061 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

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.