Barclays Boosts Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $108.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target increased by Barclays from $101.00 to $108.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

A number of other equities analysts also recently commented on the company. Wells Fargo & Company downgraded Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 target price for the company. in a report on Tuesday, October 1st. JPMorgan Chase & Co. dropped 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 research report on Thursday, June 27th. Hovde Group boosted their price target on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Truist Financial raised their price objective on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, Citigroup upped their target price on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $106.00.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock opened at $105.62 on Thursday. The company’s fifty day simple moving average is $96.03 and its two-hundred day simple moving average is $87.11. Pinnacle Financial Partners has a 12-month low of $59.66 and a 12-month high of $107.13. The firm has a market cap of $8.16 billion, a PE ratio of 20.75 and a beta of 1.05. 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, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. The company had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. During the same quarter in the previous year, the business earned $1.79 EPS. As a group, equities analysts expect that Pinnacle Financial Partners will post 6.77 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be paid a $0.22 dividend. The ex-dividend date is Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.83%. Pinnacle Financial Partners’s payout ratio is currently 17.29%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. raised its holdings in Pinnacle Financial Partners by 10.6% in the third quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock worth $129,000 after buying an additional 126 shares during the last quarter. Versant Capital Management Inc raised its holdings in 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 worth $35,000 after acquiring an additional 133 shares during the last quarter. GAMMA Investing LLC lifted its position in Pinnacle Financial Partners by 16.5% in the 3rd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock valued at $97,000 after acquiring an additional 141 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Pinnacle Financial Partners by 0.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock valued at $4,930,000 after purchasing an additional 152 shares during the last quarter. Finally, Duncan Williams Asset Management LLC increased its holdings in shares of Pinnacle Financial Partners by 1.5% in the 3rd quarter. Duncan Williams Asset Management LLC now owns 12,828 shares of the financial services provider’s stock worth $1,257,000 after purchasing an additional 195 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

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.