Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Increased to $123.00 by Analysts at Citigroup

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target hoisted by Citigroup from $113.00 to $123.00 in a report published on Thursday, Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

A number of other equities research analysts have also issued reports on PNFP. Barclays upped their price target on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research report on Thursday. Truist Financial upped their target price on Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a report on Friday, September 20th. Hovde Group raised their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Stephens boosted their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $106.00.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $106.40 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $8.22 billion, a PE ratio of 15.22 and a beta of 1.05. Pinnacle Financial Partners has a fifty-two week low of $59.66 and a fifty-two week high of $107.13. The company has a fifty day moving average of $95.65 and a two-hundred day moving average of $86.92.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The firm had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. During the same period in the previous year, the company posted $1.79 earnings per share. As a group, research analysts forecast that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Institutional Investors Weigh In On Pinnacle Financial Partners

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Pinnacle Financial Partners by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock valued at $624,598,000 after buying an additional 63,477 shares during the last quarter. Wasatch Advisors LP raised its position in shares of Pinnacle Financial Partners by 41.8% during the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after acquiring an additional 985,694 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Pinnacle Financial Partners by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after acquiring an additional 292,401 shares in the last quarter. Jennison Associates LLC lifted its stake in Pinnacle Financial Partners by 2.4% during the first quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock worth $94,244,000 after purchasing an additional 26,216 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Pinnacle Financial Partners by 0.7% in the first quarter. Principal Financial Group Inc. now owns 813,585 shares of the financial services provider’s stock valued at $69,871,000 after purchasing an additional 5,450 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.