Pinnacle Financial Partners (NASDAQ:PNFP) Rating Lowered to Equal Weight at Wells Fargo & Company

Wells Fargo & Company downgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP) from an overweight rating to an equal weight rating in a report published on Tuesday, MarketBeat reports. The firm currently has $100.00 price target on the financial services provider’s stock.

A number of other analysts also recently weighed in on PNFP. Truist Financial increased their price objective on Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a buy rating in a report on Friday, September 20th. Citigroup increased their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a buy rating in a research note on Thursday, July 18th. Hovde Group raised their price target 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. JPMorgan Chase & Co. dropped their price target on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an overweight rating on the stock in a research report on Thursday, June 27th. Finally, Barclays upped their price target on shares of Pinnacle Financial Partners from $97.00 to $101.00 and gave the company an equal weight rating in a research report on Friday, September 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and a consensus target price of $102.10.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $92.95 on Tuesday. 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 stock has a market cap of $7.18 billion, a PE ratio of 13.30 and a beta of 1.05. Pinnacle Financial Partners has a 12-month low of $59.66 and a 12-month high of $100.76. The business has a 50-day simple moving average of $94.08 and a two-hundred day simple moving average of $85.85.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.03. The company had revenue of $366.55 million for the quarter, compared to analysts’ expectations of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. Analysts anticipate that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 12.59%.

Institutional Trading of Pinnacle Financial Partners

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of Pinnacle Financial Partners by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock valued at $624,598,000 after purchasing an additional 63,477 shares in the last quarter. Wasatch Advisors LP raised its position in shares of Pinnacle Financial Partners by 41.8% in the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after purchasing an additional 985,694 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of 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 buying an additional 292,401 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Pinnacle Financial Partners by 2.4% during the 1st quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock valued at $94,244,000 after buying an additional 26,216 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Pinnacle Financial Partners by 1.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 900,251 shares of the financial services provider’s stock worth $78,520,000 after buying an additional 15,203 shares during the period. 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.