Pinnacle Financial Partners’ (PNFP) Market Perform Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reiterated their market perform rating on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a report released on Wednesday morning, MarketBeat.com reports. They currently have a $135.00 target price on the financial services provider’s stock, up from their previous target price of $115.00.

A number of other research analysts also recently weighed in on PNFP. Wells Fargo & Company raised their target price on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a research report on Tuesday. Citigroup lifted their target price 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. Stephens increased 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. Barclays boosted their price target on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Finally, Hovde Group cut 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 research note on Monday, November 18th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $113.64.

Pinnacle Financial Partners Trading Up 1.6 %

PNFP stock opened at $126.51 on Wednesday. The company has a market cap of $9.77 billion, a P/E ratio of 24.05 and a beta of 1.08. Pinnacle Financial Partners has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The business has a fifty day moving average of $111.72 and a 200-day moving average of $95.84.

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 for the quarter, topping the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The business had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same quarter last year, the firm earned $1.79 EPS. As a group, equities research analysts expect that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were paid a $0.22 dividend. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a yield of 0.70%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.73%.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds have recently bought and sold shares of PNFP. Victory Capital Management Inc. increased its stake in shares of 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 purchasing an additional 28,327 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Pinnacle Financial Partners during the 3rd quarter worth $3,606,000. Pier Capital LLC lifted its holdings in shares of Pinnacle Financial Partners by 16.5% during the second quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock worth $8,948,000 after buying an additional 15,797 shares in the last quarter. Edgestream Partners L.P. boosted its position in shares of Pinnacle Financial Partners by 1,017.9% in the second quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider’s stock valued at $5,688,000 after acquiring an additional 64,707 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Pinnacle Financial Partners by 1.1% in 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 acquiring an additional 9,856 shares in the last quarter. 87.40% of the stock is currently 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.