Hovde Group Raises Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $114.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective boosted by Hovde Group from $110.00 to $114.00 in a research note released on Friday morning, MarketBeat Ratings reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Several other research analysts have also recently weighed in on the company. Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an overweight rating in a research note on Thursday, July 18th. Truist Financial raised their target price on Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a buy rating in a research note on Friday, September 20th. Piper Sandler lowered Pinnacle Financial Partners from an overweight rating to a neutral rating and increased their price target for the company from $95.00 to $98.00 in a research report on Thursday, July 18th. Barclays increased their price target on Pinnacle Financial Partners from $93.00 to $97.00 and gave the company an equal weight rating in a research report on Thursday, July 18th. Finally, JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an overweight rating for the company in a research report on Thursday, June 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Pinnacle Financial Partners has a consensus rating of Hold and an average target price of $102.10.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $97.97 on Friday. Pinnacle Financial Partners has a 12-month low of $59.66 and a 12-month high of $100.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock’s 50 day simple moving average is $94.18 and its 200 day simple moving average is $85.52. The firm has a market cap of $7.57 billion, a P/E ratio of 14.02 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. The company had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. As a group, equities research analysts predict that Pinnacle Financial Partners will post 6.81 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Pinnacle Financial Partners by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock valued at $624,598,000 after acquiring an additional 63,477 shares in the last quarter. Wasatch Advisors LP grew its holdings in Pinnacle Financial Partners by 41.8% in the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after buying an additional 985,694 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Pinnacle Financial Partners by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after buying an additional 292,401 shares during the last quarter. Jennison Associates LLC grew its holdings in Pinnacle Financial Partners by 2.4% in the 1st quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock valued at $94,244,000 after buying an additional 26,216 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Pinnacle Financial Partners by 1.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 900,251 shares of the financial services provider’s stock valued at $78,520,000 after buying an additional 15,203 shares during the last quarter. 87.40% of the stock is owned by 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.