Pinnacle Financial Partners (NYSE:PNFP) Upgraded by TD Cowen to “Strong-Buy” Rating

TD Cowen upgraded shares of Pinnacle Financial Partners (NYSE:PNFP) to a strong-buy rating in a research note issued to investors on Monday,Zacks.com reports.

PNFP has been the subject of several other reports. JPMorgan Chase & Co. cut their target price on shares of Pinnacle Financial Partners from $120.00 to $105.00 and set an “overweight” rating for the company in a research note on Wednesday, April 1st. Raymond James Financial reiterated a “strong-buy” rating on shares of Pinnacle Financial Partners in a research note on Thursday, January 22nd. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, April 3rd. DA Davidson assumed coverage on shares of Pinnacle Financial Partners in a research note on Monday, January 5th. They issued a “neutral” rating and a $110.00 target price for the company. Finally, Barclays cut their target price on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $112.18.

Pinnacle Financial Partners Stock Up 0.3%

Pinnacle Financial Partners stock traded up $0.28 during mid-day trading on Monday, reaching $93.99. The company’s stock had a trading volume of 315,580 shares, compared to its average volume of 1,636,733. The company has a market cap of $7.29 billion, a P/E ratio of 11.61, a price-to-earnings-growth ratio of 0.31 and a beta of 1.00. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Pinnacle Financial Partners has a 12 month low of $81.08 and a 12 month high of $120.46.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 6th were paid a dividend of $0.50 per share. The ex-dividend date was Friday, February 6th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 24.72%.

Insider Activity

In related news, CFO Andrew J. Jr. Gregory bought 1,000 shares of the business’s stock in a transaction dated Thursday, February 12th. The stock was bought at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the purchase, the chief financial officer owned 49,485 shares in the company, valued at $4,677,322.20. This represents a 2.06% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.46% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

A number of hedge funds have recently modified their holdings of PNFP. Goldman Sachs Group Inc. lifted its stake in shares of Pinnacle Financial Partners by 6.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock worth $69,060,000 after buying an additional 37,989 shares during the last quarter. Focus Partners Wealth lifted its stake in shares of Pinnacle Financial Partners by 13.9% during the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock worth $504,000 after buying an additional 581 shares during the last quarter. Amundi raised its stake in Pinnacle Financial Partners by 25,700.0% in the 2nd quarter. Amundi now owns 4,386 shares of the company’s stock worth $513,000 after purchasing an additional 4,369 shares in the last quarter. Jump Financial LLC bought a new stake in Pinnacle Financial Partners in the 2nd quarter valued at about $229,000. Finally, Cerity Partners LLC grew its position in shares of Pinnacle Financial Partners by 4.2% during the 2nd quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock worth $2,877,000 after purchasing an additional 1,039 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.