Pinnacle Financial Partners (NASDAQ:PNFP) Hits New 52-Week High – Here’s What Happened

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $131.91 and last traded at $130.90, with a volume of 29862 shares changing hands. The stock had previously closed at $126.18.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of analyst reports. 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 note on Thursday, October 17th. Barclays upped their price objective on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Hovde Group lowered 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. Wells Fargo & Company upped their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Finally, Truist Financial raised their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $108.70.

Pinnacle Financial Partners Stock Up 2.5 %

The firm’s 50-day simple moving average is $105.94 and its 200-day simple moving average is $92.99. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $9.99 billion, a price-to-earnings ratio of 23.99 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.07. The firm had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same period in the previous year, the company posted $1.79 earnings per share. Sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.73%.

Institutional Trading of Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC acquired a new stake in Pinnacle Financial Partners during the second quarter valued at approximately $29,000. Ashton Thomas Securities LLC bought a new position in shares of Pinnacle Financial Partners during the third quarter valued at $30,000. Versant Capital Management Inc boosted its position in Pinnacle Financial Partners by 44.5% in the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after buying an additional 133 shares in the last quarter. UMB Bank n.a. increased its holdings in shares of Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after buying an additional 226 shares in the last quarter. Finally, Values First Advisors Inc. bought a new position in shares of Pinnacle Financial Partners in the third quarter valued at approximately $49,000. 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.