Pinnacle Financial Partners (NASDAQ:PNFP) Given New $104.00 Price Target at Wells Fargo & Company

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target boosted by Wells Fargo & Company from $100.00 to $104.00 in a report issued on Thursday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

Other research analysts also recently issued research reports about the stock. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Citigroup increased their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Barclays boosted their price target on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a report on Thursday. Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Finally, Hovde Group upped their price target on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, September 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 a consensus price target of $106.00.

Pinnacle Financial Partners Stock Up 0.9 %

Pinnacle Financial Partners stock opened at $106.40 on Thursday. The business’s 50-day moving average price is $95.65 and its 200 day moving average price is $86.92. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm has a market cap of $8.22 billion, a price-to-earnings ratio of 15.22 and a beta of 1.05. Pinnacle Financial Partners has a 52 week low of $59.66 and a 52 week high of $107.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data 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 net margin of 13.93% and a return on equity of 8.97%. The business had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter last year, the company earned $1.79 EPS. As a group, sell-side analysts anticipate that Pinnacle Financial Partners will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

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

Institutional Trading of Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Rise Advisors LLC purchased a new position in Pinnacle Financial Partners in the first quarter worth approximately $26,000. International Assets Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth about $29,000. Versant Capital Management Inc raised its holdings in Pinnacle Financial Partners by 44.5% in the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after buying an additional 133 shares during the period. UMB Bank n.a. lifted its position in Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after buying an additional 226 shares during the last quarter. Finally, Mather Group LLC. purchased a new position in Pinnacle Financial Partners during the first quarter worth about $65,000. 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.