Pinnacle Financial Partners (NASDAQ:PNFP) Given New $113.00 Price Target at Citigroup

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective upped by Citigroup from $93.00 to $113.00 in a report released on Thursday, Benzinga reports. Citigroup currently has a buy rating on the financial services provider’s stock.

A number of other research firms have also recently weighed in on PNFP. Hovde Group decreased their target price on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating on the stock in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. reduced their price objective on 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. Barclays upped their target price on Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an equal weight rating in a report on Thursday. Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an overweight rating in a research note on Thursday. Finally, Jefferies Financial Group lowered their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating for the company in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average price target of $99.00.

Pinnacle Financial Partners Stock Down 0.6 %

Shares of NASDAQ PNFP opened at $93.09 on Thursday. The company has a market cap of $7.19 billion, a price-to-earnings ratio of 13.32 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. Pinnacle Financial Partners has a 12 month low of $59.66 and a 12 month high of $97.49. The stock has a 50-day moving average price of $80.15 and a two-hundred day moving average price of $82.06.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.52 by $0.01. The business had revenue of $428.14 million during the quarter, compared to analysts’ expectations of $413.27 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. As a group, analysts forecast that Pinnacle Financial Partners will post 6.75 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 2nd will be given 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 is Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

Insiders Place Their Bets

In other news, CEO M Terry Turner sold 72,000 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total value of $5,829,840.00. Following the sale, the chief executive officer now directly owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the completion of the sale, the chairman now owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO M Terry Turner sold 72,000 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total value of $5,829,840.00. Following the completion of the transaction, the chief executive officer now directly owns 222,790 shares in the company, valued at $18,039,306.30. The disclosure for this sale can be found here. Company insiders own 1.87% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

Several large investors have recently modified their holdings of PNFP. Caprock Group LLC boosted its stake in Pinnacle Financial Partners by 2.2% during the fourth quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock worth $489,000 after acquiring an additional 122 shares in the last quarter. NBC Securities Inc. boosted its position in shares of Pinnacle Financial Partners by 1.3% during the 4th quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock worth $821,000 after purchasing an additional 124 shares in the last quarter. Verdence Capital Advisors LLC boosted its position in shares of Pinnacle Financial Partners by 2.9% during the 1st quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 126 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of 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 during the period. Finally, Covenant Partners LLC increased its position in Pinnacle Financial Partners by 1.4% in the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock valued at $933,000 after buying an additional 149 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.