Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Raised to $114.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price raised by Hovde Group from $110.00 to $114.00 in a research report report published on Friday, MarketBeat Ratings reports. Hovde Group currently has an outperform rating on the financial services provider’s stock.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company increased their price target on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an overweight rating in a research note on Thursday, July 18th. Piper Sandler lowered shares of Pinnacle Financial Partners from an overweight rating to a neutral rating and increased their price target for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Barclays increased their price target on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the company an equal weight rating in a research note on Thursday, July 18th. Truist Financial raised their target price on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a buy rating in a research report on Friday, September 20th. Finally, JPMorgan Chase & Co. lowered their target price 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. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of Hold and a consensus price target of $102.10.

Pinnacle Financial Partners Stock Up 0.2 %

Shares of NASDAQ:PNFP opened at $96.67 on Friday. The firm’s 50 day moving average price is $94.18 and its 200 day moving average price is $85.50. The stock has a market cap of $7.47 billion, a price-to-earnings ratio of 13.83 and a beta of 1.05. Pinnacle Financial Partners has a fifty-two week low of $59.66 and a fifty-two week high of $100.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, beating the consensus estimate of $1.60 by $0.03. The company had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. As a group, equities research analysts predict that Pinnacle Financial Partners will post 6.81 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were given a $0.22 dividend. The ex-dividend date was Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 0.91%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.59%.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of PNFP. The Manufacturers Life Insurance Company raised its stake in shares of Pinnacle Financial Partners by 1.7% during 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 last quarter. Public Employees Retirement Association of Colorado grew its holdings in Pinnacle Financial Partners by 389.5% in 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 during the period. Duncan Williams Asset Management LLC purchased a new stake in Pinnacle Financial Partners in the 1st quarter valued at about $1,085,000. Eventide Asset Management LLC purchased a new stake in Pinnacle Financial Partners in the 4th quarter valued at about $7,051,000. Finally, Norden Group LLC purchased a new stake in Pinnacle Financial Partners in the 1st quarter valued at about $1,065,000. 87.40% of the stock is currently owned by hedge funds and other 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.