Wells Fargo & Company Issues Positive Forecast for Pinnacle Financial Partners (NASDAQ:PNFP) Stock Price

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective hoisted by Wells Fargo & Company from $120.00 to $125.00 in a report published on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the company. Citigroup upped their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Stephens restated an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday. JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Barclays upgraded shares of 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. Finally, UBS Group began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target for the company. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus price target of $125.18.

Pinnacle Financial Partners Stock Up 0.2 %

Pinnacle Financial Partners stock opened at $122.34 on Thursday. Pinnacle Financial Partners has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The firm has a market capitalization of $9.45 billion, a price-to-earnings ratio of 20.46 and a beta of 1.09. The stock’s fifty day moving average is $119.35 and its two-hundred day moving average is $104.90. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The firm had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470,334.57 billion. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm’s revenue was up 19.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.68 EPS. Analysts predict that Pinnacle Financial Partners will post 7.56 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a dividend of $0.24 per share. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.78%. Pinnacle Financial Partners’s dividend payout ratio is 14.72%.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 20,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, December 6th. The stock was sold at an average price of $126.02, for a total value of $2,520,400.00. Following the transaction, the director now owns 92,565 shares in the company, valued at approximately $11,665,041.30. This trade represents a 17.77 % 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 the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the sale, the chairman now owns 123,000 shares of the company’s stock, valued at $15,263,070. This represents a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 76,661 shares of company stock worth $9,563,127 in the last quarter. 1.87% of the stock is owned by insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several institutional investors have recently bought and sold shares of PNFP. Ashton Thomas Securities LLC acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at $30,000. UMB Bank n.a. lifted its stake in shares of Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares in the last quarter. Values First Advisors Inc. purchased a new stake in shares of Pinnacle Financial Partners in the third quarter worth about $49,000. Quarry LP boosted its position in shares of Pinnacle Financial Partners by 3,500.0% in the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after buying an additional 735 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at about $70,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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.