Pinnacle Financial Partners (NYSE:PNFP) Reaches New 12-Month Low – Should You Sell?

Pinnacle Financial Partners, Inc. (NYSE:PNFP)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $81.00 and last traded at $81.8050, with a volume of 3397 shares changing hands. The stock had previously closed at $82.10.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Evercore reiterated an “outperform” rating on shares of Pinnacle Financial Partners in a report on Thursday, February 5th. Deutsche Bank Aktiengesellschaft set a $116.00 target price on Pinnacle Financial Partners and gave the company a “buy” rating in a research note on Wednesday, January 21st. Piper Sandler raised their price target on Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 28th. UBS Group set a $106.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, February 4th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Pinnacle Financial Partners in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners has an average rating of “Moderate Buy” and a consensus target price of $113.41.

Pinnacle Financial Partners Stock Up 0.1%

The firm has a market capitalization of $6.37 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 0.38 and a beta of 1.02. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 6th were paid a $0.50 dividend. The ex-dividend date was Friday, February 6th. Pinnacle Financial Partners’s payout ratio is currently 24.72%.

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 shares were bought at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the completion of the transaction, the chief financial officer directly owned 49,485 shares in the company, valued at approximately $4,677,322.20. This trade represents a 2.06% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.46% of the stock is owned by insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently modified their holdings of PNFP. Goldman Sachs Group Inc. lifted its holdings in Pinnacle Financial Partners by 6.2% in the first quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock valued at $69,060,000 after acquiring an additional 37,989 shares during the period. Focus Partners Wealth lifted its stake in shares of Pinnacle Financial Partners by 13.9% in the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock worth $504,000 after purchasing an additional 581 shares during the period. ProShare Advisors LLC boosted its holdings in shares of Pinnacle Financial Partners by 4.6% in the second quarter. ProShare Advisors LLC now owns 3,409 shares of the company’s stock worth $376,000 after buying an additional 149 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Pinnacle Financial Partners by 6.2% during the second quarter. PNC Financial Services Group Inc. now owns 6,991 shares of the company’s stock valued at $772,000 after buying an additional 410 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Pinnacle Financial Partners by 8.0% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 19,752 shares of the company’s stock valued at $2,181,000 after buying an additional 1,458 shares during the period. 87.40% of the stock is owned by institutional investors.

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.