Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives $99.00 Average Target Price from Brokerages

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have been given a consensus rating of “Moderate Buy” by the ten ratings firms that are covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $99.00.

Several equities analysts have weighed in on PNFP shares. Citigroup raised their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Barclays upped their price target on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 18th. Stephens cut their price objective on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. Wells Fargo & Company boosted their target price on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a report on Thursday, June 27th.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $99.57 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock has a market cap of $7.69 billion, a price-to-earnings ratio of 14.24 and a beta of 1.07. The company’s 50-day moving average price is $88.66 and its 200 day moving average price is $83.71. Pinnacle Financial Partners has a 52 week low of $59.66 and a 52 week high of $99.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, beating the consensus estimate of $1.60 by $0.03. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The business had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. As a group, research analysts forecast that Pinnacle Financial Partners will post 6.83 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.88 annualized dividend and a yield of 0.88%. Pinnacle Financial Partners’s payout ratio is 12.59%.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Pinnacle Financial Partners by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock worth $624,598,000 after acquiring an additional 63,477 shares during the period. Wasatch Advisors LP raised its holdings in shares of Pinnacle Financial Partners by 41.8% during the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after buying an additional 985,694 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Pinnacle Financial Partners by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after buying an additional 292,401 shares during the period. Jennison Associates LLC grew its holdings in Pinnacle Financial Partners by 2.4% in the 1st quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock worth $94,244,000 after buying an additional 26,216 shares in the last quarter. Finally, Norges Bank acquired a new stake in Pinnacle Financial Partners in the 4th quarter valued at approximately $83,461,000. 87.40% of the stock is owned by institutional investors and hedge funds.

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.