Brokerages Set Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Price Target at $106.60

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has earned an average rating of “Moderate Buy” from the ten analysts that are currently covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $106.60.

A number of brokerages have issued reports on PNFP. Citigroup increased their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Barclays lifted their target price on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Truist Financial boosted their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Hovde Group lifted 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 note on Friday, September 27th. Finally, Wells Fargo & Company increased their target price on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th.

Pinnacle Financial Partners Price Performance

NASDAQ PNFP opened at $123.99 on Wednesday. The company has a market capitalization of $9.58 billion, a price-to-earnings ratio of 23.57 and a beta of 1.04. The stock has a 50-day moving average of $102.85 and a 200 day moving average of $91.46. Pinnacle Financial Partners has a one year low of $70.03 and a one year high of $129.38. 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 (NASDAQ:PNFP) last issued its quarterly earnings data 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 net margin of 13.97% and a return on equity of 8.89%. The firm had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter in the prior year, the business earned $1.79 EPS. On average, sell-side analysts forecast that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be given a $0.22 dividend. The ex-dividend date is Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.71%. Pinnacle Financial Partners’s dividend payout ratio is presently 16.73%.

Hedge Funds Weigh In On Pinnacle Financial Partners

Institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC raised its position in Pinnacle Financial Partners by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after purchasing an additional 8,604 shares during the last quarter. Barclays PLC increased its holdings in Pinnacle Financial Partners by 117.0% during the 3rd quarter. Barclays PLC now owns 167,838 shares of the financial services provider’s stock valued at $16,442,000 after acquiring an additional 90,478 shares in the last quarter. Pier Capital LLC lifted its holdings in shares of Pinnacle Financial Partners by 0.4% in the third quarter. Pier Capital LLC now owns 112,242 shares of the financial services provider’s stock valued at $10,996,000 after purchasing an additional 445 shares in the last quarter. Systematic Financial Management LP purchased a new stake in shares of Pinnacle Financial Partners in the third quarter valued at about $261,000. Finally, Quantinno Capital Management LP lifted its holdings in shares of Pinnacle Financial Partners by 41.5% in the third quarter. Quantinno Capital Management LP now owns 17,842 shares of the financial services provider’s stock valued at $1,748,000 after purchasing an additional 5,236 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

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.