Pinnacle Financial Partners (NASDAQ:PNFP) Hits New 1-Year High at $98.82

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) reached a new 52-week high during trading on Friday . The stock traded as high as $98.82 and last traded at $98.82, with a volume of 66670 shares. The stock had previously closed at $93.82.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Stephens cut their price objective on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. Wells Fargo & Company boosted their price target on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. JPMorgan Chase & Co. lowered their target price on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research note on Thursday, June 27th. Finally, Citigroup increased their target price on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $99.00.

Pinnacle Financial Partners Stock Up 4.9 %

The company has a market capitalization of $7.60 billion, a P/E ratio of 14.08 and a beta of 1.07. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The company has a 50 day moving average of $86.47 and a 200-day moving average of $83.11.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.03. The firm had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. As a group, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 2nd will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date of this dividend is Friday, August 2nd. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several institutional investors and hedge funds have recently modified their holdings of PNFP. Vanguard Group Inc. raised its stake in Pinnacle Financial Partners by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock worth $624,598,000 after buying an additional 63,477 shares in the last quarter. Wasatch Advisors LP raised its position in shares of Pinnacle Financial Partners by 41.8% in the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after acquiring an additional 985,694 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Pinnacle Financial Partners by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after purchasing an additional 292,401 shares during the period. Jennison Associates LLC boosted its position in shares of Pinnacle Financial Partners by 2.4% during the first quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock valued at $94,244,000 after purchasing an additional 26,216 shares in the last quarter. Finally, Norges Bank purchased a new stake in Pinnacle Financial Partners in the fourth quarter worth $83,461,000. 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.