Pinnacle Financial Partners (NASDAQ:PNFP) PT Raised to $114.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target lifted by Hovde Group from $110.00 to $114.00 in a research note issued to investors on Friday, Marketbeat reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

A number of other research analysts also recently commented on PNFP. Barclays upped their price objective on Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an equal weight rating in a research note on Thursday, July 18th. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $108.00 to $105.00 and set an overweight rating for the company in a report on Thursday, June 27th. Piper Sandler downgraded Pinnacle Financial Partners from an overweight rating to a neutral rating and upped their target price for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Wells Fargo & Company upped their target price on Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an overweight rating in a report on Thursday, July 18th. Finally, Citigroup upped their target price on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a buy rating in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of Hold and a consensus price target of $102.10.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $96.67 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm has a market cap of $7.47 billion, a price-to-earnings ratio of 13.83 and a beta of 1.05. Pinnacle Financial Partners has a 52-week low of $59.66 and a 52-week high of $100.76. The business’s 50 day moving average is $94.18 and its two-hundred day moving average is $85.50.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.03. The business had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. Analysts forecast that Pinnacle Financial Partners will post 6.81 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is 12.59%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Rise Advisors LLC bought a new position in Pinnacle Financial Partners in the 1st quarter worth approximately $26,000. International Assets Investment Management LLC acquired a new stake in Pinnacle Financial Partners in the 2nd quarter valued at $29,000. Versant Capital Management Inc boosted its stake in Pinnacle Financial Partners by 44.5% in the 2nd 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. ICA Group Wealth Management LLC acquired a new position in Pinnacle Financial Partners in the fourth quarter worth $44,000. Finally, Quarry LP boosted its stake in Pinnacle Financial Partners by 3,500.0% in the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 735 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

About Pinnacle Financial Partners

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.