By otakuyassine3@gmail.com 
Barclays upgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP – Free Report) from an equal weight rating to an overweight rating in a research note published on Thursday, Marketbeat Ratings reports. They currently have $135.00 price target on the financial services provider’s stock, up from their prior price target of $120.00.
A number of other analysts have also issued reports on PNFP. Citigroup lifted their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a research report on Monday, November 18th. Finally, UBS Group assumed coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target for the company. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus target price of $118.91.
Read Our Latest Research Report on Pinnacle Financial Partners
Pinnacle Financial Partners Stock Performance
NASDAQ:PNFP opened at $112.24 on Thursday. Pinnacle Financial Partners has a twelve month low of $73.62 and a twelve month high of $131.91. The firm has a market capitalization of $8.67 billion, a price-to-earnings ratio of 21.34 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm’s fifty day simple moving average is $116.05 and its 200 day simple moving average is $98.62.
Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same quarter in the prior year, the business earned $1.79 earnings per share. As a group, equities research analysts expect that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.
Pinnacle Financial Partners Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is presently 16.73%.
Insider Transactions at Pinnacle Financial Partners
In other news, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. The trade was a 4.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the sale, the chairman now directly owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Pinnacle Financial Partners
A number of hedge funds and other institutional investors have recently bought and sold shares of PNFP. SG Americas Securities LLC acquired a new position in Pinnacle Financial Partners during the 2nd quarter valued at approximately $366,000. Raymond James & Associates boosted its holdings in shares of Pinnacle Financial Partners by 0.4% during the second quarter. Raymond James & Associates now owns 203,716 shares of the financial services provider’s stock valued at $16,305,000 after acquiring an additional 904 shares during the period. Raymond James Financial Services Advisors Inc. grew its position in shares of Pinnacle Financial Partners by 2.5% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 171,629 shares of the financial services provider’s stock worth $13,737,000 after acquiring an additional 4,187 shares during the last quarter. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Pinnacle Financial Partners in the 2nd quarter worth about $188,000. Finally, &PARTNERS lifted its position in Pinnacle Financial Partners by 8.2% in the 2nd quarter. &PARTNERS now owns 11,724 shares of the financial services provider’s stock valued at $938,000 after purchasing an additional 890 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.
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.
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