Wells Fargo & Company Boosts Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $104.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective raised by Wells Fargo & Company from $100.00 to $104.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other analysts also recently weighed in on PNFP. JPMorgan Chase & Co. dropped 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 boosted their price objective on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Hovde Group raised their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Truist Financial boosted their price target on Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $106.00.

Pinnacle Financial Partners Trading Down 0.7 %

NASDAQ PNFP opened at $105.62 on Thursday. The company has a 50 day moving average price of $96.03 and a 200 day moving average price of $87.11. The firm has a market cap of $8.16 billion, a PE ratio of 20.75 and a beta of 1.05. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. Pinnacle Financial Partners has a 52 week low of $59.66 and a 52 week high of $107.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (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 for the quarter, compared to analyst estimates of $454.18 million. During the same period in the prior year, the company posted $1.79 EPS. As a group, sell-side analysts forecast that Pinnacle Financial Partners will post 6.77 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be given a dividend of $0.22 per share. 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 currently 17.29%.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Rise Advisors LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at $26,000. International Assets Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter valued at about $29,000. Versant Capital Management Inc increased its stake in shares of Pinnacle Financial Partners by 44.5% in the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 133 shares in the last quarter. UMB Bank n.a. raised its holdings in Pinnacle Financial Partners by 83.4% in the 3rd 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 during the period. Finally, Mather Group LLC. purchased a new position in Pinnacle Financial Partners during the first quarter worth approximately $65,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

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.