Citigroup Increases Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $123.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective raised by Citigroup from $113.00 to $123.00 in a report published on Thursday morning, Benzinga reports. Citigroup currently has a buy rating on the financial services provider’s stock.

Several other research analysts have also recently weighed in on PNFP. Barclays lifted their price target on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research report on Thursday. Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research report on Thursday. Stephens lifted their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $95.00 to $98.00 in a research report on Thursday, July 18th. Finally, JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $106.00.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $105.62 on Thursday. 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 company has a market cap of $8.16 billion, a PE ratio of 15.11 and a beta of 1.05. The business has a 50-day simple moving average of $96.03 and a two-hundred day simple moving average of $87.15. Pinnacle Financial Partners has a fifty-two week low of $59.66 and a fifty-two week high of $107.13.

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 for the quarter, topping the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. The business had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same quarter last year, the company earned $1.79 earnings per share. As a group, equities analysts expect that Pinnacle Financial Partners will post 6.77 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

Institutional Trading of Pinnacle Financial Partners

Institutional investors have recently made changes to their positions in the company. Rise Advisors LLC acquired a new stake in shares of Pinnacle Financial Partners in the first quarter worth approximately $26,000. International Assets Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners in the second quarter worth approximately $29,000. Versant Capital Management Inc boosted its stake in shares of Pinnacle Financial Partners by 44.5% in the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 133 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 226 shares during the last quarter. Finally, Mather Group LLC. acquired a new stake in shares of Pinnacle Financial Partners in the first quarter worth approximately $65,000. 87.40% of the stock is owned by institutional investors and hedge funds.

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.