Hovde Group Lowers Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $120.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target cut by Hovde Group from $135.00 to $120.00 in a report published on Wednesday,Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

Other equities research analysts also recently issued research reports about the stock. UBS Group started coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price for the company. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Wells Fargo & Company boosted their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, Stephens reissued an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Hold” and an average price target of $123.82.

Pinnacle Financial Partners Trading Down 5.1 %

NASDAQ:PNFP opened at $87.19 on Wednesday. Pinnacle Financial Partners has a 1 year low of $73.62 and a 1 year high of $131.91. The stock has a market cap of $6.75 billion, a P/E ratio of 14.58 and a beta of 0.94. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a 50-day simple moving average of $112.41 and a 200-day simple moving average of $112.29.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.80 by $0.10. The firm had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. Pinnacle Financial Partners’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period last year, the business earned $1.68 EPS. As a group, analysts anticipate that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were issued a $0.24 dividend. The ex-dividend date was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a yield of 1.10%. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.05%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the company’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value of $5,060,000.00. Following the sale, the director now owns 40,991 shares of the company’s stock, valued at approximately $5,185,361.50. This represents a 49.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the transaction, the director now directly owns 9,943 shares of the company’s stock, valued at $1,009,711.65. This trade represents a 23.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,350 shares of company stock valued at $11,421,320 in the last ninety days. 1.46% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at about $101,798,000. North Reef Capital Management LP lifted its stake in Pinnacle Financial Partners by 57.1% in the 4th quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock valued at $221,917,000 after buying an additional 705,000 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. acquired a new stake in Pinnacle Financial Partners during the 4th quarter valued at $78,110,000. Capital Research Global Investors increased its position in Pinnacle Financial Partners by 57.0% during the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock worth $178,425,000 after buying an additional 566,061 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter worth $44,737,000. 87.40% of the stock is currently 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.