Brokerages Set Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Price Target at $106.00

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are presently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $106.60.

PNFP has been the topic of a number of research analyst reports. Truist Financial boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday. Wells Fargo & Company upped their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Hovde Group raised their price objective on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Stephens boosted their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Finally, Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors have recently modified their holdings of the company. Blue Trust Inc. grew its stake in Pinnacle Financial Partners by 10.6% in the 3rd quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock worth $129,000 after acquiring an additional 126 shares during the period. Versant Capital Management Inc lifted its position in Pinnacle Financial Partners by 44.5% during the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after buying an additional 133 shares during the period. GAMMA Investing LLC lifted its position in Pinnacle Financial Partners by 16.5% during the third quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $97,000 after buying an additional 141 shares during the period. CANADA LIFE ASSURANCE Co boosted its stake in Pinnacle Financial Partners by 0.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock worth $4,930,000 after buying an additional 152 shares during the last quarter. Finally, Duncan Williams Asset Management LLC grew its holdings in 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 valued at $1,257,000 after buying an additional 195 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Down 3.6 %

Pinnacle Financial Partners stock opened at $101.77 on Friday. The stock’s 50 day moving average price is $96.31 and its 200 day moving average price is $87.30. Pinnacle Financial Partners has a 1-year low of $59.66 and a 1-year high of $107.13. The company has a market cap of $7.86 billion, a PE ratio of 14.56 and a beta of 1.05. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. During the same period in the previous year, the firm earned $1.79 EPS. On average, sell-side analysts predict that Pinnacle Financial Partners will post 6.77 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.86%. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

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.