Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives $100.20 Average Price Target from Analysts

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has been assigned an average recommendation of “Moderate Buy” from the ten brokerages that are currently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $102.10.

Several research firms have issued reports on PNFP. Piper Sandler lowered 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 report on Thursday, July 18th. Barclays upped their price target on shares of Pinnacle Financial Partners from $97.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Friday. JPMorgan Chase & Co. dropped their price target 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 upped their price target on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Finally, Hovde Group increased their price objective on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. raised its holdings in Pinnacle Financial Partners by 16.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,373 shares of the financial services provider’s stock worth $381,000 after purchasing an additional 618 shares during the last quarter. Corient Private Wealth LLC raised its holdings in Pinnacle Financial Partners by 10.1% during the 4th quarter. Corient Private Wealth LLC now owns 12,440 shares of the financial services provider’s stock worth $1,085,000 after purchasing an additional 1,138 shares during the last quarter. Assetmark Inc. bought a new position in Pinnacle Financial Partners during the 4th quarter worth approximately $101,000. US Bancorp DE raised its holdings in Pinnacle Financial Partners by 62.1% during the 4th quarter. US Bancorp DE now owns 7,041 shares of the financial services provider’s stock worth $614,000 after purchasing an additional 2,698 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its holdings in Pinnacle Financial Partners by 10.2% during the 4th quarter. Allianz Asset Management GmbH now owns 78,913 shares of the financial services provider’s stock worth $6,883,000 after purchasing an additional 7,327 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $97.97 on Tuesday. Pinnacle Financial Partners has a 12 month low of $59.66 and a 12 month high of $100.76. The firm has a fifty day simple moving average of $94.18 and a 200 day simple moving average of $85.52. The stock has a market capitalization of $7.57 billion, a price-to-earnings ratio of 14.02 and a beta of 1.05. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. Research analysts forecast that Pinnacle Financial Partners will post 6.81 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were issued a $0.22 dividend. The ex-dividend date was Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 0.90%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

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.