Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Raised to $132.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective increased by Citigroup from $123.00 to $132.00 in a research note released on Tuesday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

A number of other equities research analysts also recently weighed in on the company. Truist Financial boosted their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. UBS Group started coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price on the stock. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target for the company. in a report on Monday, November 18th. Stephens raised their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Finally, Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $119.73.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $113.52 on Tuesday. The firm has a fifty day moving average of $118.08 and a two-hundred day moving average of $100.86. The firm has a market cap of $8.77 billion, a P/E ratio of 21.58 and a beta of 1.08. Pinnacle Financial Partners has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90.

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

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were given a $0.22 dividend. The ex-dividend date was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a yield of 0.78%. Pinnacle Financial Partners’s dividend payout ratio is presently 16.73%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the sale, the chairman now directly owns 123,000 shares in the company, valued at approximately $15,263,070. The trade was a 28.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David B. Ingram sold 3,610 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $126.07, for a total transaction of $455,112.70. Following the completion of the sale, the director now directly owns 139,489 shares of the company’s stock, valued at $17,585,378.23. The trade was a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,661 shares of company stock valued at $9,563,127. Company insiders own 1.87% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds have recently made changes to their positions in PNFP. Victory Capital Management Inc. boosted its holdings in Pinnacle Financial Partners by 17.9% during the third quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock worth $18,282,000 after buying an additional 28,327 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth $3,606,000. Pier Capital LLC grew its holdings in shares of Pinnacle Financial Partners by 16.5% in the 2nd quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock worth $8,948,000 after acquiring an additional 15,797 shares during the last quarter. Edgestream Partners L.P. raised its position in shares of Pinnacle Financial Partners by 1,017.9% during the second quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider’s stock worth $5,688,000 after purchasing an additional 64,707 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Pinnacle Financial Partners by 1.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after purchasing an additional 9,856 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

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.