Pinnacle Financial Partners (NYSE:PNFP) Reaches New 1-Year High – What’s Next?

Pinnacle Financial Partners, Inc. (NYSE:PNFP) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $107.52 and last traded at $107.2560, with a volume of 55880 shares changing hands. The stock had previously closed at $105.23.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PNFP shares. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Barclays dropped their price objective on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Citigroup raised their price objective on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Truist Financial boosted their target price on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Finally, JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $117.00.

Pinnacle Financial Partners Price Performance

The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market cap of $8.44 billion, a P/E ratio of 14.94, a price-to-earnings-growth ratio of 0.43 and a beta of 1.03. The stock’s 50 day simple moving average is $99.18.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping 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 business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 10.2 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.47%.

Insider Buying and Selling

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the company’s stock in a transaction on Friday, July 24th. The shares were bought at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the purchase, the insider owned 324,233 shares in the company, valued at $32,390,876.70. This trade represents a 3.19% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Processus Wealth & Capital Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the second quarter worth $721,000. Ballast Inc. purchased a new stake in shares of Pinnacle Financial Partners in the second quarter valued at about $393,000. Handelsbanken Fonder AB raised its holdings in Pinnacle Financial Partners by 27.0% during the second quarter. Handelsbanken Fonder AB now owns 235,281 shares of the company’s stock worth $23,735,000 after purchasing an additional 50,000 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in Pinnacle Financial Partners during the 2nd quarter worth approximately $465,000. Finally, Gradient Investments LLC raised its stake in shares of Pinnacle Financial Partners by 10.6% during the 2nd quarter. Gradient Investments LLC now owns 46,256 shares of the company’s stock worth $4,666,000 after buying an additional 4,436 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

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.