UBS Group Begins Coverage on Pinnacle Financial Partners (NASDAQ:PNFP)

UBS Group started coverage on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a research report sent to investors on Tuesday morning, MarketBeat.com reports. The brokerage issued a neutral rating and a $133.00 target price on the financial services provider’s stock.

Several other research analysts also recently commented on the stock. Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a report on Monday, November 18th. Citigroup raised their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Stephens lifted their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Barclays upped their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Finally, Truist Financial raised their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and an average price target of $117.55.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $117.03 on Tuesday. The stock has a market capitalization of $9.04 billion, a P/E ratio of 22.19 and a beta of 1.08. The business has a 50-day moving average of $114.72 and a two-hundred day moving average of $97.77. Pinnacle Financial Partners has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter in the prior year, the business earned $1.79 earnings per share. On average, equities research analysts predict that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were paid a $0.22 dividend. The ex-dividend date was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a yield of 0.75%. Pinnacle Financial Partners’s payout ratio is presently 16.73%.

Insider Buying and Selling

In related news, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the sale, the chief financial officer now owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the transaction, the chairman now owns 123,000 shares in the company, valued at $15,263,070. This trade represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,661 shares of company stock valued at $9,563,127 over the last three months. Company insiders own 1.87% of the company’s stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

Institutional investors have recently bought and sold shares of the company. B. Riley Wealth Advisors Inc. acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth about $229,000. Sanctuary Advisors LLC lifted its stake in shares of Pinnacle Financial Partners by 585.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 27,465 shares of the financial services provider’s stock worth $2,691,000 after buying an additional 23,456 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock worth $130,192,000 after acquiring an additional 8,604 shares during the period. Barclays PLC grew its position in shares of Pinnacle Financial Partners by 117.0% in the third quarter. Barclays PLC now owns 167,838 shares of the financial services provider’s stock valued at $16,442,000 after purchasing an additional 90,478 shares during the last quarter. Finally, Pier Capital LLC grew its holdings in Pinnacle Financial Partners by 0.4% in the 3rd quarter. Pier Capital LLC now owns 112,242 shares of the financial services provider’s stock valued at $10,996,000 after buying an additional 445 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

About Pinnacle Financial Partners

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.