Hovde Group initiated coverage on shares of Pinnacle Financial Partners (NYSE:PNFP – Free Report) in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The firm issued an outperform rating and a $125.00 target price on the stock.
A number of other analysts have also recently commented on the company. Evercore reiterated an “outperform” rating and set a $120.00 price objective on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Truist Financial upped their target price on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Wells Fargo & Company raised their price target on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. TD Cowen lifted their price target on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average price target of $119.68.
Check Out Our Latest Analysis on Pinnacle Financial Partners
Pinnacle Financial Partners Price Performance
Pinnacle Financial Partners (NYSE:PNFP – Get Free Report) last announced its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. On average, equities analysts expect that Pinnacle Financial Partners will post 10.17 earnings per share for the current fiscal year.
Pinnacle Financial Partners Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 7th were issued a $0.50 dividend. The ex-dividend date was Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.1%. Pinnacle Financial Partners’s payout ratio is 27.47%.
Insider Activity at Pinnacle Financial Partners
In other news, insider M. Turner sold 66,783 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the transaction, the insider directly owned 302,230 shares in the company, valued at $32,643,862.30. This represents a 18.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gregory Montana bought 500 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The stock was bought at an average cost of $98.61 per share, for a total transaction of $49,305.00. Following the completion of the transaction, the director directly owned 4,959 shares of the company’s stock, valued at approximately $489,006.99. The trade was a 11.21% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders purchased 13,078 shares of company stock worth $1,299,640 and sold 177,228 shares worth $19,153,713. 1.30% of the stock is currently owned by insiders.
Institutional Trading of Pinnacle Financial Partners
A number of institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Pinnacle Financial Partners in the second quarter valued at $1,704,708,000. Wellington Management Group LLP increased its stake in Pinnacle Financial Partners by 22.1% during the second quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company’s stock worth $1,123,944,000 after acquiring an additional 2,016,827 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings 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 purchasing an additional 2,244,659 shares during the period. Geode Capital Management LLC raised its holdings in shares of Pinnacle Financial Partners by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 1,576,459 shares of the company’s stock worth $153,680,000 after purchasing an additional 103,841 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Pinnacle Financial Partners by 85.6% in the 1st quarter. Bank of New York Mellon Corp now owns 1,389,822 shares of the company’s stock valued at $119,719,000 after purchasing an additional 640,967 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.
Pinnacle Financial Partners Company Profile
Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides financial services to businesses, professionals, entrepreneurs and individuals.
Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.
Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.
Read More
- Five stocks we like better than Pinnacle Financial Partners
- J.B. Hunt’s Stock Plunges After Market Misprices Profit Warning
- 2 Stocks Breaking Out Post-FOMC With One Thing in Common
- Lennar’s Q3 Miss Hides a Stronger Operating Story Beneath the Housing Slump
- These 3 Stocks Are Drawing Insider Buyers for Very Different Reasons
Receive News & Ratings for Pinnacle Financial Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle Financial Partners and related companies with MarketBeat.com's FREE daily email newsletter.
