Brokerages Set Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Target Price at $106.00

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the ten ratings firms that are presently covering the company, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $106.00.

Several equities analysts have commented on the stock. Piper Sandler cut shares of Pinnacle Financial Partners from an "overweight" rating to a "neutral" rating and raised their target price for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. JPMorgan Chase & Co. lowered their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an "overweight" rating on the stock in a research note on Thursday, June 27th. Truist Financial upped their target price on 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 boosted their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Wells Fargo & Company upped their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an "equal weight" rating in a report on Thursday.

Pinnacle Financial Partners Stock Performance

Shares of PNFP traded down $0.78 during mid-day trading on Friday, reaching $105.62. 361,689 shares of the company's stock traded hands, compared to its average volume of 469,810. Pinnacle Financial Partners has a 12 month low of $59.66 and a 12 month high of $107.13. The stock has a market capitalization of $8.16 billion, a P/E ratio of 20.75 and a beta of 1.05. The business's 50-day moving average price is $96.03 and its 200-day moving average price is $87.08. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million during the quarter, compared to analysts' expectations 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 in the prior year, the business posted $1.79 earnings per share. Equities analysts predict that Pinnacle Financial Partners will post 6.77 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

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 given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners's payout ratio is currently 17.29%.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several institutional investors have recently made changes to their positions in PNFP. Vanguard Group Inc. increased its holdings in Pinnacle Financial Partners by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider's stock worth $624,598,000 after buying an additional 63,477 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Pinnacle Financial Partners by 16.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,373 shares of the financial services provider's stock valued at $381,000 after purchasing an additional 618 shares during the last quarter. HighPoint Advisor Group LLC bought a new stake in Pinnacle Financial Partners in the fourth quarter worth $262,000. Mather Group LLC. acquired a new position in Pinnacle Financial Partners during the first quarter worth $65,000. Finally, Rise Advisors LLC bought a new position in Pinnacle Financial Partners during the first quarter valued at about $26,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

About Pinnacle Financial Partners

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.