Pinnacle Financial Partners (NASDAQ:PNFP) Given New $119.00 Price Target at Truist Financial

by · The Cerbat Gem

Pinnacle Financial Partners (NASDAQ:PNFP – Free Report) had its price objective lifted by Truist Financial from $113.00 to $119.00 in a research note issued to investors on Monday, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Other research analysts have also recently issued reports about the company. Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. dropped 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 report on Thursday, June 27th. Piper Sandler cut shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their target price for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Barclays lifted their price target on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Finally, 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 research note on Friday, September 27th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $106.60.

Get Our Latest Analysis on PNFP

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $103.11 on Monday. The firm has a market capitalization of $7.96 billion, a PE ratio of 19.60 and a beta of 1.05. The company has a 50 day moving average price of $97.15 and a 200-day moving average price of $87.65. Pinnacle Financial Partners has a 52 week low of $59.66 and a 52 week high of $107.13. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The business had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same quarter in the previous year, the firm posted $1.79 EPS. As a group, equities research analysts expect that Pinnacle Financial Partners will post 6.82 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. Investors of record on Friday, November 1st will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.85%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 16.73%.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Wasatch Advisors LP grew its position in shares of Pinnacle Financial Partners by 41.8% during the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after purchasing an additional 985,694 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Pinnacle Financial Partners by 10.4% during the 2nd 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. Swedbank AB purchased a new stake in Pinnacle Financial Partners during the 1st quarter valued at approximately $21,470,000. Lee Danner & Bass Inc. bought a new stake in shares of Pinnacle Financial Partners during the second quarter valued at approximately $16,092,000. Finally, Stieven Capital Advisors L.P. purchased a new position in shares of Pinnacle Financial Partners in the first quarter worth $6,003,000. 87.40% of the stock is owned by institutional investors.

About Pinnacle Financial Partners

(Get Free Report)

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.

Featured Stories