Truist Financial Boosts Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $119.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price increased by Truist Financial from $113.00 to $119.00 in a research note released on Monday, Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. reduced their target price on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. Citigroup raised their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Hovde Group upped their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. Stephens increased their price target 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, Barclays lifted their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and a consensus target price of $106.60.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $101.92 on Monday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock’s fifty day moving average is $96.87 and its two-hundred day moving average is $87.54. Pinnacle Financial Partners has a 52 week low of $59.66 and a 52 week high of $107.13. The company has a market capitalization of $7.87 billion, a PE ratio of 19.38 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the business posted $1.79 earnings per share. As a group, analysts expect that Pinnacle Financial Partners will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.86%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.73%.

Institutional Trading of Pinnacle Financial Partners

Hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC bought a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $29,000. Versant Capital Management Inc grew its holdings in Pinnacle Financial Partners by 44.5% in the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 133 shares during the last quarter. UMB Bank n.a. increased its position in shares of Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares in the last quarter. Values First Advisors Inc. purchased a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at $49,000. Finally, Mather Group LLC. purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at $65,000. 87.40% of the stock is owned by hedge funds and other 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.