Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Raised to $120.00 at Stephens

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target increased by Stephens from $108.00 to $120.00 in a research note released on Thursday, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Other equities analysts have also recently issued research reports about the stock. Piper Sandler cut shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. Truist Financial boosted their target price on Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. decreased their target price on 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 target price on 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, Wells Fargo & Company boosted their target price on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $106.00.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $105.62 on Thursday. The stock has a market cap of $8.16 billion, a price-to-earnings ratio of 15.11 and a beta of 1.05. The firm’s 50-day moving average is $96.03 and its 200 day moving average is $87.15. Pinnacle Financial Partners has a 1 year low of $59.66 and a 1 year high of $107.13. 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 announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The company had revenue of $810.11 million for the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business posted $1.79 EPS. Sell-side analysts anticipate that Pinnacle Financial Partners will post 6.77 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.83%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is 12.59%.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PNFP. Wasatch Advisors LP increased its holdings in Pinnacle Financial Partners by 41.8% in the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after acquiring an additional 985,694 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Pinnacle Financial Partners by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after purchasing an additional 292,401 shares during the period. Swedbank AB bought a new position in Pinnacle Financial Partners in the 1st quarter worth approximately $21,470,000. Lee Danner & Bass Inc. bought a new position in Pinnacle Financial Partners in the 2nd quarter worth approximately $16,092,000. Finally, Stieven Capital Advisors L.P. bought a new position in Pinnacle Financial Partners in the 1st quarter worth approximately $6,003,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

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.