Analysts Set Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) PT at $99.00

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has earned a consensus rating of “Moderate Buy” from the ten analysts that are covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $99.00.

A number of research firms have recently commented on PNFP. JPMorgan Chase & Co. cut 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 report on Thursday, June 27th. Citigroup raised their target price 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. Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Barclays raised their price objective on Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Thursday, July 18th. Finally, Wells Fargo & Company upped their target price on Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of large investors have recently added to or reduced their stakes in PNFP. Rise Advisors LLC purchased a new position in shares of Pinnacle Financial Partners in the 1st quarter worth approximately $26,000. International Assets Investment Management LLC purchased a new position in Pinnacle Financial Partners in the second quarter worth $29,000. Versant Capital Management Inc increased its position in shares of Pinnacle Financial Partners by 44.5% during the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 133 shares in the last quarter. ICA Group Wealth Management LLC purchased a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at $44,000. Finally, Principal Securities Inc. acquired a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth $60,000. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Stock Down 1.4 %

Shares of NASDAQ PNFP opened at $98.17 on Friday. Pinnacle Financial Partners has a 1 year low of $59.66 and a 1 year high of $99.90. The firm has a 50-day simple moving average of $89.55 and a two-hundred day simple moving average of $83.92. The company has a market cap of $7.58 billion, a P/E ratio of 14.04 and a beta of 1.07. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. The company had revenue of $366.55 million during the quarter, compared to analysts’ expectations of $426.40 million. Research analysts anticipate that Pinnacle Financial Partners will post 6.83 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

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.