Pinnacle Financial Partners (NASDAQ:PNFP) PT Raised to $100.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target lifted by Wells Fargo & Company from $90.00 to $100.00 in a report issued on Thursday, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

PNFP has been the subject of several other research reports. Truist Financial raised their price objective on Pinnacle Financial Partners from $87.00 to $101.00 and gave the company a buy rating in a research report on Thursday. Hovde Group lowered their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating for the company in a research report on Tuesday, April 23rd. Barclays upped their price objective on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an equal weight rating in a report on Thursday. JPMorgan Chase & Co. lowered their target price on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an overweight rating for the company in a report on Thursday, June 27th. Finally, Stephens dropped their price target on Pinnacle Financial Partners from $109.00 to $102.00 and set an overweight rating on the stock in a research report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Pinnacle Financial Partners has an average rating of Hold and an average price target of $99.00.

Pinnacle Financial Partners Stock Performance

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

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

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 2nd will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.95%. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 72,000 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $80.97, for a total value of $5,829,840.00. Following the completion of the sale, the chief executive officer now owns 222,790 shares in the company, valued at $18,039,306.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO M Terry Turner sold 72,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the transaction, 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 can be accessed through this link. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the 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 directly owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The disclosure for this sale can be found here. 1.87% of the stock is owned by insiders.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors and hedge funds have recently modified their holdings of PNFP. International Assets Investment Management LLC increased its stake in Pinnacle Financial Partners by 6,999.3% in the 4th quarter. International Assets Investment Management LLC now owns 30,527 shares of the financial services provider’s stock worth $2,663,000 after buying an additional 30,097 shares in the last quarter. The Manufacturers Life Insurance Company lifted 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 purchasing an additional 15,203 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Pinnacle Financial Partners by 4.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 876,314 shares of the financial services provider’s stock worth $76,432,000 after purchasing an additional 33,355 shares during the period. Public Employees Retirement Association of Colorado grew its holdings in Pinnacle Financial Partners by 389.5% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 146,009 shares of the financial services provider’s stock valued at $12,735,000 after buying an additional 116,183 shares in the last quarter. Finally, Duncan Williams Asset Management LLC bought a new stake in shares of Pinnacle Financial Partners during the first quarter valued at approximately $1,085,000. 87.40% of the stock is currently owned by institutional investors.

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.