Barclays Boosts Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $108.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target upped by Barclays from $101.00 to $108.00 in a research note published on Thursday, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other analysts have also recently issued research 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 for the company in a research note on Thursday, June 27th. Wells Fargo & Company cut Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 target price on the stock. in a research report on Tuesday, October 1st. Citigroup raised their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Truist Financial upped their price objective on Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, Piper Sandler downgraded Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their target price for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus price target of $106.00.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $105.62 on Thursday. The firm has a market cap of $8.16 billion, a P/E ratio of 15.11 and a beta of 1.05. Pinnacle Financial Partners has a 52-week low of $59.66 and a 52-week high of $107.13. The business’s 50-day moving average price is $96.03 and its 200 day moving average price is $87.15. 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 (NASDAQ:PNFP) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same quarter in the previous year, the company posted $1.79 earnings per share. On average, equities research analysts expect that Pinnacle Financial Partners will post 6.77 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

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

Institutional Investors Weigh In On Pinnacle Financial Partners

Several institutional investors and hedge funds have recently made changes to their positions in PNFP. Blue Trust Inc. lifted its holdings in shares of Pinnacle Financial Partners by 10.6% in the third 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 in the last quarter. Versant Capital Management Inc grew its holdings in Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after buying an additional 133 shares during the last quarter. GAMMA Investing LLC increased its position in Pinnacle Financial Partners by 16.5% during the third quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $97,000 after buying an additional 141 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in shares of Pinnacle Financial Partners by 0.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock worth $4,930,000 after acquiring an additional 152 shares during the last quarter. Finally, Duncan Williams Asset Management LLC lifted its position in shares of Pinnacle Financial Partners by 1.5% in the third quarter. Duncan Williams Asset Management LLC now owns 12,828 shares of the financial services provider’s stock valued at $1,257,000 after acquiring an additional 195 shares in the last quarter. 87.40% of the stock is currently 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.