Pinnacle Financial Partners (NASDAQ:PNFP) PT Raised to $119.00 at Truist Financial

Pinnacle Financial Partners (NASDAQ:PNFP - Free Report) had its price target increased by Truist Financial from $113.00 to $119.00 in a research report report published on Monday, Benzinga reports. Truist Financial currently has a buy rating on the financial services provider's stock.

A number of other equities analysts have also weighed in on the company. Hovde Group lifted their price objective on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an "outperform" rating in a research note on Friday, September 27th. Stephens lifted their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "overweight" rating in a research note on Thursday. Barclays lifted their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an "equal weight" rating in a research note on Thursday. Wells Fargo & Company lifted their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an "equal weight" rating in a research note on Thursday. Finally, Piper Sandler lowered Pinnacle Financial Partners from an "overweight" rating to a "neutral" rating and lifted their price objective for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $106.60.

Pinnacle Financial Partners Stock Performance

PNFP stock traded down $3.85 during midday trading on Monday, reaching $101.77. The stock had a trading volume of 396,126 shares, compared to its average volume of 469,446. The stock has a market cap of $7.86 billion, a PE ratio of 14.87 and a beta of 1.05. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a fifty day simple moving average of $96.03 and a two-hundred day simple moving average of $87.15. Pinnacle Financial Partners has a 52-week low of $59.66 and a 52-week high of $107.13.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.79 by $0.07. The company had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. During the same quarter last year, the business posted $1.79 EPS. As a group, equities research analysts anticipate that Pinnacle Financial Partners will post 6.77 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 12.59%.

Institutional Investors Weigh In On Pinnacle Financial Partners

Institutional investors have recently bought and sold shares of the company. Norden Group LLC acquired a new stake in Pinnacle Financial Partners in the 1st quarter worth about $1,065,000. Jennison Associates LLC boosted 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 worth $94,244,000 after buying an additional 26,216 shares during the last quarter. Atria Investments Inc boosted its holdings in Pinnacle Financial Partners by 40.9% in the 1st quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider's stock worth $3,713,000 after buying an additional 12,551 shares during the last quarter. Sei Investments Co. boosted its holdings in Pinnacle Financial Partners by 34.6% in the 1st quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider's stock worth $19,890,000 after buying an additional 59,583 shares during the last quarter. Finally, Wasatch Advisors LP boosted 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 worth $286,961,000 after buying an additional 985,694 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

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.