Pinnacle Financial Partners (NASDAQ:PNFP) Hits New 1-Year High – What’s Next?

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $128.82 and last traded at $128.06, with a volume of 40469 shares. The stock had previously closed at $126.78.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PNFP shares. Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Citigroup raised their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Truist Financial lifted 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. Barclays lifted their target price on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Finally, Stephens lifted their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $106.60.

Pinnacle Financial Partners Trading Down 0.8 %

The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The stock’s 50-day moving average is $100.58 and its two-hundred day moving average is $90.26. The stock has a market cap of $9.71 billion, a P/E ratio of 24.03 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating the consensus estimate of $1.79 by $0.07. The business had revenue of $810.11 million during the quarter, compared to analyst estimates 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 last year, the business earned $1.79 earnings per share. Equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.70%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is presently 16.73%.

Institutional Investors Weigh In On Pinnacle Financial Partners

Large investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. increased its stake in Pinnacle Financial Partners by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after purchasing an additional 9,856 shares in the last quarter. King Luther Capital Management Corp boosted its holdings in Pinnacle Financial Partners by 0.3% during the third quarter. King Luther Capital Management Corp now owns 75,651 shares of the financial services provider’s stock worth $7,412,000 after buying an additional 259 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Pinnacle Financial Partners by 0.6% during the third quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock valued at $1,761,000 after purchasing an additional 100 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in Pinnacle Financial Partners by 59.7% during the third quarter. First Horizon Advisors Inc. now owns 3,297 shares of the financial services provider’s stock valued at $323,000 after purchasing an additional 1,233 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Pinnacle Financial Partners during the third quarter valued at $3,606,000. 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.