Analysts Set Pinnacle Financial Partners, Inc. (NYSE:PNFP) PT at $116.61

Pinnacle Financial Partners, Inc. (NYSE:PNFP) has earned an average rating of “Moderate Buy” from the twenty-one ratings firms that are currently covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation, twelve have issued a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $116.8889.

A number of equities analysts recently issued reports on PNFP shares. JPMorgan Chase & Co. increased their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Benchmark began coverage on shares of Pinnacle Financial Partners in a report on Wednesday, June 24th. They set a “buy” rating and a $132.00 price objective on the stock. Robert W. Baird began coverage on shares of 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. Truist Financial lifted their price objective on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a report on Monday, May 11th. Finally, Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $97.87 on Monday. The business’s 50 day moving average price is $97.24. Pinnacle Financial Partners has a fifty-two week low of $81.08 and a fifty-two week high of $120.46. 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 has a market cap of $7.59 billion, a P/E ratio of 13.57, a P/E/G ratio of 0.38 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.09. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. Equities analysts predict that Pinnacle Financial Partners will post 10.24 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 1st were paid a dividend of $0.50 per share. The ex-dividend date was Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. Pinnacle Financial Partners’s payout ratio is 27.74%.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors and hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC grew its position in Pinnacle Financial Partners by 1,697.4% in the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock worth $306,474,000 after purchasing an additional 3,085,867 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Pinnacle Financial Partners by 80.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after buying an additional 2,244,659 shares during the last quarter. Nomura Holdings Inc. bought a new position in shares of Pinnacle Financial Partners in the third quarter valued at approximately $187,822,000. Alyeska Investment Group L.P. purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $159,545,000. Finally, Norges Bank purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $116,349,000. 87.40% of the stock is owned by hedge funds and other 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.