Barclays Forecasts Strong Price Appreciation for Pinnacle Financial Partners (NASDAQ:PNFP) Stock

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price upped by Barclays from $108.00 to $120.00 in a research report released on Thursday,Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

Other analysts have also issued research reports about the stock. Truist Financial boosted their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research report on Monday, November 18th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday. Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, Citigroup increased their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $113.64.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $126.51 on Thursday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners has a 1 year low of $73.62 and a 1 year high of $131.91. The firm’s 50-day simple moving average is $111.72 and its 200-day simple moving average is $95.93. The firm has a market cap of $9.77 billion, a PE ratio of 24.05 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.07. The firm had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same quarter in the prior year, the firm posted $1.79 earnings per share. Equities analysts forecast that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.70%. Pinnacle Financial Partners’s payout ratio is 16.73%.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC acquired a new position in Pinnacle Financial Partners during the 2nd quarter valued at about $29,000. Ashton Thomas Securities LLC acquired a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $30,000. UMB Bank n.a. boosted its holdings 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 valued at $49,000 after acquiring an additional 226 shares in the last quarter. Values First Advisors Inc. acquired a new position in shares of Pinnacle Financial Partners during the third quarter valued at approximately $49,000. Finally, Quarry LP raised its holdings in Pinnacle Financial Partners by 3,500.0% during the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 735 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Company Profile

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.