Pinnacle Financial Partners (NASDAQ:PNFP – Free Report) had its price objective hoisted by Truist Financial from $75.00 to $100.00 in a research report report published on Friday, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.
Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. boosted their target price on shares of Pinnacle Financial Partners from $82.00 to $87.00 and gave the stock an overweight rating in a research report on Thursday, October 5th. Stephens reiterated an overweight rating and issued a $85.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, October 18th. Jefferies Financial Group raised shares of Pinnacle Financial Partners from an underperform rating to a hold rating and set a $71.00 price target on the stock in a report on Tuesday, October 10th. Citigroup assumed coverage on shares of Pinnacle Financial Partners in a report on Friday, December 1st. They set a buy rating and a $86.00 target price on the stock. Finally, StockNews.com assumed coverage on shares of Pinnacle Financial Partners in a research report on Thursday, October 5th. They set a sell rating for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of Moderate Buy and a consensus target price of $84.86.
View Our Latest Report on PNFP
Pinnacle Financial Partners Price Performance
PNFP stock opened at $87.59 on Friday. The firm has a market cap of $6.72 billion, a price-to-earnings ratio of 11.30 and a beta of 1.17. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.45. Pinnacle Financial Partners has a 12-month low of $43.31 and a 12-month high of $90.32. The company’s fifty day simple moving average is $70.53 and its 200 day simple moving average is $66.56.
Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last posted its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.08. Pinnacle Financial Partners had a net margin of 23.30% and a return on equity of 10.10%. The firm had revenue of $408.04 million during the quarter, compared to the consensus estimate of $417.02 million. On average, analysts expect that Pinnacle Financial Partners will post 6.99 earnings per share for the current year.
Pinnacle Financial Partners Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, November 24th. Investors of record on Friday, November 3rd were given a dividend of $0.22 per share. The ex-dividend date was Thursday, November 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.00%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 11.35%.
Insider Activity at Pinnacle Financial Partners
In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 100,000 shares of the firm’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $82.79, for a total transaction of $8,279,000.00. Following the completion of the sale, the chairman now directly owns 202,071 shares in the company, valued at approximately $16,729,458.09. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Charles E. Brock sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $80.91, for a total value of $161,820.00. Following the transaction, the director now owns 34,293 shares of the company’s stock, valued at $2,774,646.63. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Robert A. Mccabe, Jr. sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $82.79, for a total transaction of $8,279,000.00. Following the completion of the transaction, the chairman now directly owns 202,071 shares in the company, valued at approximately $16,729,458.09. The disclosure for this sale can be found here. 2.15% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Pinnacle Financial Partners
Several large investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in shares of Pinnacle Financial Partners by 102.7% in the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock worth $125,394,000 after buying an additional 947,704 shares in the last quarter. Norges Bank purchased a new stake in Pinnacle Financial Partners in the fourth quarter worth about $61,723,000. BloombergSen Inc. purchased a new stake in Pinnacle Financial Partners in the first quarter worth about $39,481,000. William Blair Investment Management LLC purchased a new stake in shares of Pinnacle Financial Partners during the second quarter valued at about $33,832,000. Finally, State Street Corp lifted its position in shares of Pinnacle Financial Partners by 17.4% during the first quarter. State Street Corp now owns 3,471,580 shares of the financial services provider’s stock valued at $191,492,000 after buying an additional 514,970 shares during the last quarter. Hedge funds and other institutional investors own 82.91% of the company’s stock.
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.
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Source: defenseworld.net