Citigroup Raises Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $132.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective lifted by Citigroup from $123.00 to $132.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

PNFP has been the subject of a number of other reports. Wells Fargo & Company increased their price target on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. UBS Group began coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price on the stock. Finally, Truist Financial boosted their price target 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 five have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $119.73.

Pinnacle Financial Partners Trading Down 0.8 %

NASDAQ PNFP opened at $113.52 on Tuesday. The firm’s 50 day moving average price is $118.08 and its two-hundred day moving average price is $100.86. The stock has a market cap of $8.77 billion, a price-to-earnings ratio of 21.58 and a beta of 1.08. Pinnacle Financial Partners has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90.

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 for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. The business had revenue of $810.11 million for the quarter, compared to the consensus estimate 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 quarter in the previous year, the company posted $1.79 earnings per share. Equities analysts anticipate that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were given a dividend of $0.22 per share. The ex-dividend date was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a yield of 0.78%. Pinnacle Financial Partners’s payout ratio is currently 16.73%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the sale, the chairman now directly owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David B. Ingram sold 20,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $126.02, for a total value of $2,520,400.00. Following the completion of the transaction, the director now owns 92,565 shares in the company, valued at $11,665,041.30. The trade was a 17.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 76,661 shares of company stock worth $9,563,127 over the last 90 days. Insiders own 1.87% of the company’s stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

Hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP raised its stake in Pinnacle Financial Partners by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after purchasing an additional 292,401 shares during the last quarter. FMR LLC increased its holdings in shares of Pinnacle Financial Partners by 11.6% during the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after purchasing an additional 282,016 shares during the period. Geode Capital Management LLC raised its position in shares of Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after buying an additional 8,604 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Pinnacle Financial Partners by 20.5% in the third quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock valued at $99,443,000 after buying an additional 172,750 shares during the period. Finally, Principal Financial Group Inc. grew its position in Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

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.