Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives $121.27 Average Price Target from Analysts

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) have been assigned an average rating of “Moderate Buy” from the eleven research firms that are presently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $122.36.

A number of brokerages have commented on PNFP. Keefe, Bruyette & Woods reduced their target price on Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating for the company in a report on Thursday, April 17th. Truist Financial began coverage on Pinnacle Financial Partners in a research note on Tuesday, May 13th. They issued a “buy” rating and a $123.00 price objective for the company. Citigroup raised their price objective on Pinnacle Financial Partners from $126.00 to $134.00 and gave the company a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. upped their target price on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Hovde Group raised shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price target on the stock in a research note on Wednesday, April 16th.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several institutional investors and hedge funds have recently bought and sold shares of PNFP. Voya Investment Management LLC increased its holdings in shares of Pinnacle Financial Partners by 2.8% during the 1st quarter. Voya Investment Management LLC now owns 9,463 shares of the financial services provider’s stock worth $1,003,000 after buying an additional 258 shares during the last quarter. 1248 Management LLC purchased a new position in Pinnacle Financial Partners in the first quarter worth approximately $29,000. Modern Wealth Management LLC increased its stake in Pinnacle Financial Partners by 17.8% during the first quarter. Modern Wealth Management LLC now owns 2,471 shares of the financial services provider’s stock worth $262,000 after acquiring an additional 374 shares during the last quarter. Strs Ohio acquired a new stake in Pinnacle Financial Partners during the first quarter worth $1,453,000. Finally, Advisors Capital Management LLC raised its position in Pinnacle Financial Partners by 8.8% in the first quarter. Advisors Capital Management LLC now owns 30,981 shares of the financial services provider’s stock valued at $3,285,000 after purchasing an additional 2,513 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $117.00 on Thursday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a fifty day moving average of $106.64 and a 200 day moving average of $109.18. The firm has a market cap of $9.07 billion, a PE ratio of 18.93 and a beta of 1.01. Pinnacle Financial Partners has a one year low of $76.75 and a one year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.98% and a return on equity of 9.29%. The firm had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. During the same quarter in the prior year, the firm earned $1.53 EPS. As a group, research analysts predict that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 2nd were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.82%. The ex-dividend date was Friday, May 2nd. Pinnacle Financial Partners’s payout ratio is currently 15.53%.

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.