Pinnacle Financial Partners (NASDAQ:PNFP) Stock Price Expected to Rise, Barclays Analyst Says

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price raised by Barclays from $108.00 to $120.00 in a report published on Thursday morning,Benzinga reports. Barclays currently has an equal weight rating on the financial services provider’s stock.

Other research analysts have also recently issued research reports about the company. Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research report on Monday, November 18th. Citigroup raised their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Wells Fargo & Company raised their price target on Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a research report on Tuesday. Stephens raised their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $113.64.

Pinnacle Financial Partners Trading Up 0.1 %

NASDAQ:PNFP opened at $124.57 on Thursday. The stock has a fifty day moving average price of $111.12 and a two-hundred day moving average price of $95.53. The stock has a market capitalization of $9.62 billion, a price-to-earnings ratio of 23.68 and a beta of 1.08. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners has a 1 year low of $73.62 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.07. The firm had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same quarter in the prior year, the business posted $1.79 earnings per share. As a group, sell-side analysts anticipate that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 16.73%.

Institutional Trading of Pinnacle Financial Partners

A number of hedge funds have recently added to or reduced their stakes in PNFP. International Assets Investment Management LLC acquired a new stake in Pinnacle Financial Partners in the 2nd quarter worth about $29,000. Ashton Thomas Securities LLC acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $30,000. UMB Bank n.a. lifted its stake in shares of 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 valued at $49,000 after purchasing an additional 226 shares in the last quarter. Values First Advisors Inc. acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $49,000. Finally, Quarry LP lifted its stake in shares of Pinnacle Financial Partners by 3,500.0% in the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 735 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

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.