Brokerages Set Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Target Price at $106.00

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have been assigned an average rating of “Moderate Buy” from the ten brokerages that are currently covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $106.60.

Several equities analysts recently weighed in on PNFP shares. Stephens raised their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Citigroup lifted their target price on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price target for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Wells Fargo & Company increased their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Finally, Hovde Group raised their target price on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, September 27th.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors have recently modified their holdings of the business. Rise Advisors LLC bought a new position in Pinnacle Financial Partners during the 1st quarter worth $26,000. International Assets Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners in the second quarter valued at about $29,000. Versant Capital Management Inc increased its stake in shares of Pinnacle Financial Partners by 44.5% in the second 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 during the period. UMB Bank n.a. raised its position in shares of Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 226 shares during the last quarter. Finally, Values First Advisors Inc. acquired a new position in shares of Pinnacle Financial Partners in the third quarter worth approximately $49,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 2.3 %

Pinnacle Financial Partners stock opened at $100.76 on Friday. The company has a market cap of $7.78 billion, a price-to-earnings ratio of 19.16 and a beta of 1.05. The firm has a 50-day moving average of $97.33 and a 200-day moving average of $87.77. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners has a one year low of $60.19 and a one year high of $107.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results 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 firm had revenue of $810.11 million during the quarter, compared to analysts’ expectations 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 period in the prior year, the firm posted $1.79 earnings per share. On average, equities analysts expect that Pinnacle Financial Partners will post 6.82 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.87%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is currently 16.73%.

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.