Brokerages Set Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) PT at $106.60

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) have received an average rating of "Moderate Buy" from the ten analysts that are presently covering the stock, Marketbeat reports. Five equities research 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 analysts that have updated their coverage on the stock in the last year is $106.60.

Several equities research analysts have recently weighed in on the company. Citigroup upped their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a "buy" rating in a research note on Thursday, October 17th. Stephens boosted their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, October 17th. Hovde Group upped their price objective on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an "outperform" rating in a report on Friday, September 27th. Piper Sandler downgraded Pinnacle Financial Partners from an "overweight" rating to a "neutral" rating and upped their price objective for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. Finally, Truist Financial upped their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a report on Monday, October 21st.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock traded down $1.38 during mid-day trading on Wednesday, hitting $124.80. 548,212 shares of the stock traded hands, compared to its average volume of 473,067. Pinnacle Financial Partners has a twelve month low of $68.92 and a twelve month high of $129.25. The firm has a market cap of $9.64 billion, a price-to-earnings ratio of 23.73 and a beta of 1.04. The company's 50-day simple moving average is $101.14 and its 200-day simple moving average is $90.58. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90.

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 business had revenue of $810.11 million for the quarter, compared to analysts' expectations of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same period in the previous year, the firm posted $1.79 EPS. As a group, equities research analysts expect that Pinnacle Financial Partners will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm 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 dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.71%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners's payout ratio is 16.73%.

Institutional Trading of Pinnacle Financial Partners

A number of large investors have recently made changes to their positions in PNFP. BNP Paribas Financial Markets increased its position in shares of Pinnacle Financial Partners by 28.9% in the 1st quarter. BNP Paribas Financial Markets now owns 7,229 shares of the financial services provider's stock valued at $621,000 after buying an additional 1,622 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Pinnacle Financial Partners by 34.6% during the first quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider's stock worth $19,890,000 after purchasing an additional 59,583 shares during the period. Headlands Technologies LLC bought a new position in Pinnacle Financial Partners in the first quarter valued at approximately $133,000. Patten & Patten Inc. TN increased its stake in Pinnacle Financial Partners by 14.2% in the first quarter. Patten & Patten Inc. TN now owns 32,018 shares of the financial services provider's stock valued at $2,750,000 after acquiring an additional 3,988 shares during the last quarter. Finally, Bessemer Group Inc. boosted its position in Pinnacle Financial Partners by 7.0% in the first quarter. Bessemer Group Inc. now owns 134,986 shares of the financial services provider's stock valued at $11,594,000 after buying an additional 8,888 shares in the last quarter. Institutional investors 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.