Pinnacle Financial Partners (NASDAQ:PNFP) Reaches New 52-Week High at $97.84

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $97.84 and last traded at $97.35, with a volume of 161554 shares changing hands. The stock had previously closed at $94.16.

Analysts Set New Price Targets

Several research firms recently issued reports on PNFP. Barclays increased their target price on Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. reduced their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. Citigroup upped their target price on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Finally, Stephens dropped 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 report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $99.00.

Pinnacle Financial Partners Price Performance

The stock’s 50-day simple moving average is $80.81 and its two-hundred day simple moving average is $82.29. The firm has a market cap of $7.49 billion, a P/E ratio of 13.47 and a beta of 1.08. 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 (NASDAQ:PNFP) last posted its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.52 by $0.01. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The company had revenue of $428.14 million for the quarter, compared to analyst estimates of $413.27 million. Equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.73 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 2nd will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend is Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PNFP. Vanguard Group Inc. grew 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 purchasing an additional 63,477 shares in the last quarter. Wasatch Advisors LP lifted its holdings 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 buying an additional 985,694 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Pinnacle Financial Partners by 14.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock worth $230,951,000 after buying an additional 334,502 shares in the last quarter. Jennison Associates LLC increased its stake 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 buying an additional 26,216 shares during the period. Finally, Norges Bank bought a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at about $83,461,000. Institutional investors own 87.40% of the company’s stock.

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.