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

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

Several other equities research analysts also recently commented on PNFP. Wells Fargo & Company boosted their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a report on Thursday. Barclays boosted their price target on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research note on Thursday. Stephens lifted their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday. Hovde Group boosted their target price on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Finally, Truist Financial raised their price target on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average target price of $106.00.

Pinnacle Financial Partners Stock Down 0.7 %

Shares of NASDAQ PNFP opened at $105.62 on Thursday. Pinnacle Financial Partners has a 12-month low of $59.66 and a 12-month high of $107.13. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm has a market cap of $8.16 billion, a PE ratio of 20.75 and a beta of 1.05. The company’s fifty day simple moving average is $96.03 and its 200 day simple moving average is $87.11.

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, beating 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 company had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same period last year, the business posted $1.79 EPS. As a group, sell-side analysts forecast that Pinnacle Financial Partners will post 6.77 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be given 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 0.83%. Pinnacle Financial Partners’s dividend payout ratio is currently 17.29%.

Hedge Funds Weigh In On Pinnacle Financial Partners

Institutional investors have recently modified their holdings of the business. Raymond James & Associates lifted its holdings in Pinnacle Financial Partners by 2.5% during the third quarter. Raymond James & Associates now owns 208,850 shares of the financial services provider’s stock worth $20,461,000 after acquiring an additional 5,134 shares during the period. Blue Trust Inc. increased its position in shares of Pinnacle Financial Partners by 10.6% during the 3rd quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock valued at $129,000 after purchasing an additional 126 shares during the last quarter. Hunter Perkins Capital Management LLC raised its stake in shares of Pinnacle Financial Partners by 2.8% during the 3rd quarter. Hunter Perkins Capital Management LLC now owns 15,145 shares of the financial services provider’s stock worth $1,484,000 after purchasing an additional 410 shares during the period. NBC Securities Inc. boosted its holdings in shares of Pinnacle Financial Partners by 5.8% in the 3rd quarter. NBC Securities Inc. now owns 7,519 shares of the financial services provider’s stock worth $736,000 after buying an additional 411 shares during the last quarter. Finally, Creative Planning grew its position in Pinnacle Financial Partners by 9.4% during the third quarter. Creative Planning now owns 18,710 shares of the financial services provider’s stock valued at $1,833,000 after buying an additional 1,614 shares during the period. 87.40% of the stock is 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.