Wells Fargo & Company Issues Positive Forecast for Pinnacle Financial Partners (NASDAQ:PNFP) Stock Price

Pinnacle Financial Partners (NASDAQ:PNFP - Free Report) had its price objective upped by Wells Fargo & Company from $120.00 to $125.00 in a report released on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider's stock.

Several other research firms also recently commented on PNFP. Truist Financial increased their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Barclays upgraded shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Hovde Group downgraded shares of Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price target for the company. in a research note on Monday, November 18th. Citigroup lifted their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a report on Tuesday, December 31st. Finally, Stephens restated an "overweight" rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of "Hold" and an average target price of $125.18.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock traded up $0.30 on Thursday, reaching $122.34. The company had a trading volume of 571,152 shares, compared to its average volume of 497,340. The business's 50-day moving average is $119.35 and its 200 day moving average is $104.90. Pinnacle Financial Partners has a one year low of $73.62 and a one year high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $9.45 billion, a PE ratio of 20.46 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.80 by $0.10. The business had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470,334.57 billion. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.12%. The firm's revenue was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.68 EPS. Equities research analysts forecast that Pinnacle Financial Partners will post 7.56 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.78%. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. Pinnacle Financial Partners's payout ratio is currently 14.72%.

Insider Activity at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 20,000 shares of the company's stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the transaction, the director now owns 92,565 shares in the company, valued at approximately $11,665,041.30. This represents a 17.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Harold R. Carpenter sold 3,051 shares of the firm's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the sale, the chief financial officer now owns 60,805 shares of the company's stock, valued at approximately $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 76,661 shares of company stock worth $9,563,127 in the last 90 days. Corporate insiders own 1.87% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its stake in shares of Pinnacle Financial Partners by 17.9% in the third quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider's stock worth $18,282,000 after purchasing an additional 28,327 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Pinnacle Financial Partners in the 3rd quarter valued at $3,606,000. Geode Capital Management LLC raised its position in Pinnacle Financial Partners by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider's stock valued at $130,192,000 after buying an additional 8,604 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Pinnacle Financial Partners by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider's stock worth $90,141,000 after acquiring an additional 9,856 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock worth $96,332,000 after purchasing an additional 208,938 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.