Truist Financial Increases Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $119.00

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

PNFP has been the topic of a number of other reports. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a report on Thursday, June 27th. Barclays increased 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 report on Thursday, October 17th. 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, September 27th. Citigroup upped their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Piper Sandler cut shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $106.60.

Pinnacle Financial Partners Trading Down 0.8 %

Shares of Pinnacle Financial Partners stock opened at $101.92 on Monday. The firm’s 50 day simple moving average is $96.87 and its two-hundred day simple moving average is $87.54. The firm has a market capitalization of $7.87 billion, a price-to-earnings ratio of 19.38 and a beta of 1.05. Pinnacle Financial Partners has a 12-month low of $59.66 and a 12-month high of $107.13. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. The firm had revenue of $810.11 million for the quarter, compared to analyst estimates 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 period in the previous year, the company earned $1.79 earnings per share. Analysts predict that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be given a dividend of $0.22 per share. The ex-dividend date is Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.86%. Pinnacle Financial Partners’s dividend payout ratio is presently 16.73%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PNFP. Vanguard Group Inc. grew its position in shares of Pinnacle Financial Partners by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock valued at $624,598,000 after acquiring an additional 63,477 shares during the period. Wasatch Advisors LP boosted its position in 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 increased its position 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. Jennison Associates LLC raised its stake in shares of Pinnacle Financial Partners by 2.4% during the 1st quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock worth $94,244,000 after buying an additional 26,216 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Pinnacle Financial Partners by 0.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 721,005 shares of the financial services provider’s stock valued at $57,709,000 after buying an additional 4,744 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

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.