Pinnacle Financial Partners (NASDAQ:PNFP) Earns “Overweight” Rating from Stephens

Stephens reiterated their overweight rating on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a research report sent to investors on Tuesday morning, Benzinga reports. Stephens currently has a $109.00 target price on the financial services provider’s stock.

Several other equities research analysts have also issued reports on the company. Barclays started coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They set an equal weight rating and a $93.00 target price for the company. Jefferies Financial Group decreased their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating for the company in a report on Monday, April 8th. Truist Financial lifted their price objective on Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a buy rating in a report on Monday, April 1st. Finally, UBS Group decreased their price objective on Pinnacle Financial Partners from $91.00 to $90.00 and set a neutral rating for the company in a report on Thursday, January 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $95.50.

Pinnacle Financial Partners Trading Down 1.7 %

Shares of Pinnacle Financial Partners stock opened at $81.53 on Tuesday. Pinnacle Financial Partners has a 1 year low of $43.31 and a 1 year high of $92.33. The firm has a market cap of $6.28 billion, a PE ratio of 11.66 and a beta of 1.08. The stock has a fifty day moving average price of $82.28 and a 200-day moving average price of $79.19. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.08%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 12.59%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the transaction, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO M Terry Turner sold 24,057 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the transaction, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Harold R. Carpenter sold 6,306 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the transaction, the chief financial officer now directly owns 63,856 shares in the company, valued at $5,250,240.32. The disclosure for this sale can be found here. Insiders have sold 47,844 shares of company stock valued at $3,933,734 in the last ninety days. Company insiders own 1.87% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds have recently made changes to their positions in PNFP. Red Door Wealth Management LLC purchased a new position in shares of Pinnacle Financial Partners during the third quarter valued at approximately $214,000. Peregrine Capital Management LLC boosted its position in shares of Pinnacle Financial Partners by 1,239.7% during the third quarter. Peregrine Capital Management LLC now owns 158,900 shares of the financial services provider’s stock valued at $10,653,000 after purchasing an additional 147,039 shares in the last quarter. Hunter Perkins Capital Management LLC boosted its position in shares of Pinnacle Financial Partners by 6.0% during the third quarter. Hunter Perkins Capital Management LLC now owns 9,595 shares of the financial services provider’s stock valued at $643,000 after purchasing an additional 545 shares in the last quarter. Covenant Partners LLC boosted its position in shares of Pinnacle Financial Partners by 3.2% during the third quarter. Covenant Partners LLC now owns 10,550 shares of the financial services provider’s stock valued at $707,000 after purchasing an additional 330 shares in the last quarter. Finally, Bfsg LLC bought a new stake in shares of Pinnacle Financial Partners during the third quarter valued at approximately $277,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

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; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.