Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Receives Consensus Rating of “Moderate Buy” from Analysts

by · The Markets Daily

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Get Free Report) has been assigned a consensus rating of “Moderate Buy” from the ten research firms that are currently covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $102.10.

PNFP has been the subject of several research analyst reports. Hovde Group lifted their price objective on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday. Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. reduced their price target on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. Truist Financial lifted their price target on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, Citigroup lifted their price target on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research report on Thursday, July 18th.

Check Out Our Latest Stock Analysis on Pinnacle Financial Partners

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $97.97 on Tuesday. The company has a fifty day moving average of $94.18 and a 200-day moving average of $85.52. The firm has a market capitalization of $7.57 billion, a P/E ratio of 14.02 and a beta of 1.05. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. Pinnacle Financial Partners has a twelve month low of $59.66 and a twelve month high of $100.76.

Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.03. The company had revenue of $366.55 million during the quarter, compared to analyst estimates of $426.40 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. As a group, sell-side analysts anticipate that Pinnacle Financial Partners will post 6.81 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is 12.59%.

Hedge Funds Weigh In On Pinnacle Financial Partners

Hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its stake in shares of Pinnacle Financial Partners by 16.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,373 shares of the financial services provider’s stock worth $381,000 after purchasing an additional 618 shares during the period. Corient Private Wealth LLC raised its stake in shares of Pinnacle Financial Partners by 10.1% during the 4th quarter. Corient Private Wealth LLC now owns 12,440 shares of the financial services provider’s stock worth $1,085,000 after purchasing an additional 1,138 shares during the period. Assetmark Inc. bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth $101,000. US Bancorp DE raised its stake in shares of Pinnacle Financial Partners by 62.1% during the 4th quarter. US Bancorp DE now owns 7,041 shares of the financial services provider’s stock worth $614,000 after purchasing an additional 2,698 shares during the period. Finally, Allianz Asset Management GmbH raised its stake in shares of Pinnacle Financial Partners by 10.2% during the 4th quarter. Allianz Asset Management GmbH now owns 78,913 shares of the financial services provider’s stock worth $6,883,000 after purchasing an additional 7,327 shares during the period. 87.40% of the stock is owned by hedge funds and other 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.

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