Pinnacle Financial Partners (NYSE:PNFP) Upgraded to Strong-Buy at Robert W. Baird

Robert W. Baird upgraded shares of Pinnacle Financial Partners (NYSE:PNFP) to a strong-buy rating in a report published on Tuesday morning,Zacks.com reports.

Several other research analysts have also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft set a $116.00 target price on shares of Pinnacle Financial Partners and gave the stock a “buy” rating in a report on Wednesday, January 21st. TD Cowen cut their target price on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating on the stock in a report on Monday, April 27th. JPMorgan Chase & Co. raised their price target on Pinnacle Financial Partners from $105.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Evercore reaffirmed an “outperform” rating and issued a $115.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, April 29th. Finally, Stephens raised their price objective on Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.18.

Pinnacle Financial Partners Trading Up 2.4%

PNFP stock opened at $96.62 on Tuesday. 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 stock has a 50 day moving average of $91.38. The company has a market capitalization of $7.49 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 0.36 and a beta of 1.06. Pinnacle Financial Partners has a 1-year low of $81.08 and a 1-year high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. As a group, sell-side analysts forecast that Pinnacle Financial Partners will post 10.34 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 1st will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, May 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.74%.

Institutional Investors Weigh In On Pinnacle Financial Partners

Large investors have recently bought and sold shares of the business. AQR Capital Management LLC grew its stake in shares of Pinnacle Financial Partners by 1,697.4% during the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after purchasing an additional 3,085,867 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Pinnacle Financial Partners by 80.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after purchasing an additional 2,244,659 shares during the period. Nomura Holdings Inc. purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at about $187,822,000. Alyeska Investment Group L.P. purchased a new position in shares of Pinnacle Financial Partners during the 4th quarter valued at about $159,545,000. Finally, Norges Bank purchased a new position in shares of Pinnacle Financial Partners during the 4th quarter valued at about $116,349,000. 87.40% of the stock is currently owned by institutional investors.

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.