Pinnacle Financial Partners (NASDAQ:PNFP) Reaches New 12-Month High – Time to Buy?

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $108.06 and last traded at $107.80, with a volume of 27323 shares changing hands. The stock had previously closed at $104.14.

Analyst Upgrades and Downgrades

PNFP has been the subject of a number of research analyst reports. Hovde Group raised their price objective on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Citigroup lifted their price target 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 price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Finally, Truist Financial lifted their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $106.60.

Pinnacle Financial Partners Stock Down 0.9 %

The stock has a market cap of $8.14 billion, a P/E ratio of 20.05 and a beta of 1.05. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The company’s 50 day moving average price is $98.30 and its two-hundred day moving average price is $88.44.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The company had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same quarter in the previous year, the firm posted $1.79 earnings per share. As a group, research analysts expect that Pinnacle Financial Partners, Inc. will post 6.81 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is presently 16.73%.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of large investors have recently made changes to their positions in PNFP. Dimensional Fund Advisors LP grew its holdings in shares of Pinnacle Financial Partners by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after buying an additional 292,401 shares during the last quarter. Jennison Associates LLC raised its position in shares of Pinnacle Financial Partners by 2.4% in the first quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock worth $94,244,000 after acquiring an additional 26,216 shares during the period. Principal Financial Group Inc. raised its position in shares of Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after acquiring an additional 208,938 shares during the period. Bank of New York Mellon Corp raised its position in shares of Pinnacle Financial Partners by 0.7% in the second quarter. Bank of New York Mellon Corp now owns 721,005 shares of the financial services provider’s stock worth $57,709,000 after acquiring an additional 4,744 shares during the period. Finally, Earnest Partners LLC raised its position in shares of Pinnacle Financial Partners by 0.8% in the second quarter. Earnest Partners LLC now owns 660,415 shares of the financial services provider’s stock worth $52,860,000 after acquiring an additional 5,293 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.

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.