Hovde Group Raises Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $114.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target upped by Hovde Group from $110.00 to $114.00 in a report released on Friday morning, Marketbeat reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

A number of other brokerages have also recently issued reports on PNFP. JPMorgan Chase & Co. decreased their target price on Pinnacle Financial Partners from $108.00 to $105.00 and set an overweight rating for the company in a report on Thursday, June 27th. Piper Sandler cut Pinnacle Financial Partners from an overweight rating to a neutral rating and boosted their target price for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. Barclays boosted their target price on Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an equal weight rating in a report on Thursday, July 18th. Wells Fargo & Company boosted their target price on Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an overweight rating in a report on Thursday, July 18th. Finally, Truist Financial upped their price target on Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a buy rating in a report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of Hold and a consensus price target of $102.10.

Pinnacle Financial Partners Trading Up 1.3 %

NASDAQ PNFP opened at $97.97 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners has a 12 month low of $59.66 and a 12 month high of $100.76. The company has a market cap of $7.57 billion, a P/E ratio of 14.02 and a beta of 1.05. The company has a 50-day moving average of $94.18 and a 200-day moving average of $85.52.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.03. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. The business had revenue of $366.55 million during the quarter, compared to analysts’ expectations of $426.40 million. As a group, equities analysts predict that Pinnacle Financial Partners will post 6.81 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.90%. The ex-dividend date was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 12.59%.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake 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 buying an additional 63,477 shares during the last quarter. Wasatch Advisors LP boosted its stake in shares of Pinnacle Financial Partners by 41.8% during the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after buying an additional 985,694 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of 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 during the last quarter. Jennison Associates LLC boosted 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 valued at $94,244,000 after buying an additional 26,216 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Pinnacle Financial Partners by 1.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 900,251 shares of the financial services provider’s stock valued at $78,520,000 after acquiring an additional 15,203 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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.