Pinnacle Financial Partners (NASDAQ:PNFP) Downgraded by Hovde Group to “Market Perform”

Hovde Group cut shares of Pinnacle Financial Partners (NASDAQ:PNFP) from an outperform rating to a market perform rating in a research report report published on Monday morning, MarketBeat reports. The firm currently has $135.00 target price on the financial services provider’s stock.

Other analysts also recently issued reports about the company. Wells Fargo & Company upped their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Barclays raised their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Citigroup boosted their target price on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Truist Financial raised their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, Stephens boosted their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Hold” and an average target price of $108.70.

Pinnacle Financial Partners Stock Up 0.1 %

PNFP opened at $124.06 on Monday. Pinnacle Financial Partners has a 12 month low of $70.03 and a 12 month high of $129.38. The business has a 50-day moving average of $102.85 and a two-hundred day moving average of $91.55. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $9.58 billion, a price-to-earnings ratio of 23.59 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same period in the previous year, the firm earned $1.79 earnings per share. On average, research analysts expect that Pinnacle Financial Partners will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 16.73%.

Hedge Funds Weigh In On Pinnacle Financial Partners

Institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its holdings in Pinnacle Financial Partners by 28.9% during the 1st quarter. BNP Paribas Financial Markets now owns 7,229 shares of the financial services provider’s stock worth $621,000 after purchasing an additional 1,622 shares during the last quarter. Bessemer Group Inc. boosted its stake in Pinnacle Financial Partners by 7.0% during the 1st quarter. Bessemer Group Inc. now owns 134,986 shares of the financial services provider’s stock valued at $11,594,000 after acquiring an additional 8,888 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Pinnacle Financial Partners by 0.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock valued at $4,930,000 after acquiring an additional 152 shares during the last quarter. Stieven Capital Advisors L.P. bought a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth about $6,003,000. Finally, Earnest Partners LLC increased its position in shares of Pinnacle Financial Partners by 3.0% in the 1st quarter. Earnest Partners LLC now owns 655,122 shares of the financial services provider’s stock worth $56,262,000 after purchasing an additional 19,353 shares during the last quarter. 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.