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

Hovde Group cut shares of Pinnacle Financial Partners (NASDAQ:PNFP - Free Report) from an outperform rating to a market perform rating in a research note issued to investors on Monday, Marketbeat reports. They currently have $135.00 price target on the financial services provider's stock.

Other research analysts have also recently issued research reports about the stock. Barclays upped their target price on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an "equal weight" rating in a research report on Thursday, October 17th. Citigroup raised their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a "buy" rating in a report on Thursday, October 17th. Stephens lifted their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an "equal weight" rating in a research note on Thursday, October 17th. Finally, Truist Financial boosted their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a research note on Monday, October 21st. 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, the company has a consensus rating of "Hold" and a consensus target price of $108.70.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock traded up $0.07 during trading hours on Monday, reaching $124.06. 437,512 shares of the company traded hands, compared to its average volume of 472,729. The firm has a 50-day moving average price of $102.85 and a 200 day moving average price 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. Pinnacle Financial Partners has a 12-month low of $70.03 and a 12-month high of $129.38. The company has a market cap of $9.58 billion, a P/E ratio of 23.57 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm earned $1.79 earnings per share. As a group, sell-side analysts predict that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Azora Capital LP bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $64,326,000. Dimensional Fund Advisors LP increased its stake in shares of Pinnacle Financial Partners by 10.4% in the second 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 in the last quarter. FMR LLC raised its stake in shares of Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider's stock worth $266,127,000 after acquiring an additional 282,016 shares during the last quarter. Swedbank AB bought a new position in Pinnacle Financial Partners in the 1st quarter worth approximately $21,470,000. Finally, Holocene Advisors LP acquired a new position in Pinnacle Financial Partners during the 3rd quarter valued at about $21,576,000. 87.40% of the stock is 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.