Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives $106.60 Consensus Target Price from Brokerages

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have received a consensus rating of “Hold” from the ten brokerages that are covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $108.70.

A number of brokerages have recently issued reports on PNFP. Citigroup boosted their target price on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Wells Fargo & Company raised their target price on shares of 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. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target for the company. in a report on Monday. Barclays lifted their target price on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Finally, Truist Financial raised 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.

Institutional Trading of Pinnacle Financial Partners

A number of institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC purchased a new stake in Pinnacle Financial Partners during the second quarter valued at approximately $29,000. Ashton Thomas Securities LLC purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at approximately $30,000. 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 worth $35,000 after purchasing an additional 133 shares in the last quarter. UMB Bank n.a. boosted its stake in Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares in the last quarter. Finally, Values First Advisors Inc. purchased a new stake in Pinnacle Financial Partners during the 3rd quarter worth approximately $49,000. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Stock Down 1.1 %

Shares of NASDAQ PNFP opened at $122.66 on Wednesday. The company has a market cap of $9.48 billion, a P/E ratio of 23.32 and a beta of 1.04. The firm has a 50-day simple moving average of $103.46 and a two-hundred day simple moving average of $91.86. Pinnacle Financial Partners has a 1 year low of $70.03 and a 1 year high of $129.38. 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 (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The firm had revenue of $810.11 million during the quarter, compared to analyst estimates 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 last year, the company earned $1.79 EPS. Research analysts anticipate that Pinnacle Financial Partners will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be issued a $0.22 dividend. The ex-dividend date is Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a yield of 0.72%. Pinnacle Financial Partners’s dividend payout ratio is presently 16.73%.

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.