Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Raised to $97.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective raised by Barclays from $93.00 to $97.00 in a report released on Thursday morning, Benzinga reports. Barclays currently has an equal weight rating on the financial services provider’s stock.

PNFP has been the topic of a number of other research reports. 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. Stephens reduced their price target on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an overweight rating for the company in a research report on Thursday, May 23rd. Truist Financial increased their price objective on Pinnacle Financial Partners from $87.00 to $101.00 and gave the company a buy rating in a report on Thursday. Hovde Group dropped their price target on Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating on the stock in a research report on Tuesday, April 23rd. Finally, Jefferies Financial Group reduced their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating for the company in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of Hold and an average price target of $99.00.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $93.09 on Thursday. Pinnacle Financial Partners has a 12 month low of $59.66 and a 12 month high of $97.49. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $7.19 billion, a PE ratio of 13.32 and a beta of 1.08. The business’s fifty day moving average price is $80.15 and its 200 day moving average price is $82.06.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.01. The business had revenue of $428.14 million during the quarter, compared to analysts’ expectations of $413.27 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. On average, sell-side analysts anticipate that Pinnacle Financial Partners will post 6.75 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 2nd will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.95%. The ex-dividend date is Friday, August 2nd. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

Insider Buying and Selling

In other news, CEO M Terry Turner sold 72,000 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total value of $5,829,840.00. Following the completion of the transaction, the chief executive officer now owns 222,790 shares in the company, valued at $18,039,306.30. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO M Terry Turner sold 72,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the completion of the transaction, the chief executive officer now directly owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total value of $9,339,778.96. Following the completion of the transaction, the chairman now directly owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The disclosure for this sale can be found here. 1.87% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of institutional investors have recently bought and sold shares of the stock. Rise Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners in the first quarter worth about $26,000. Bruce G. Allen Investments LLC acquired a new position in Pinnacle Financial Partners during the 4th quarter worth approximately $32,000. Versant Capital Management Inc boosted its holdings in 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 worth $35,000 after acquiring an additional 133 shares during the period. ICA Group Wealth Management LLC acquired a new stake in Pinnacle Financial Partners in the fourth quarter valued at approximately $44,000. Finally, Principal Securities Inc. purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $60,000. 87.40% of the stock is currently 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.