Truist Financial Raises Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $113.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price lifted by Truist Financial from $101.00 to $113.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

PNFP has been the subject of several other research reports. Stephens dropped their price objective on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an overweight rating for the company in a research report on Thursday, May 23rd. 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 research report on Thursday, June 27th. Piper Sandler downgraded Pinnacle Financial Partners from an overweight rating to a neutral rating and upped their target price for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. Citigroup raised their target price on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a buy rating in a report on Thursday, July 18th. Finally, Wells Fargo & Company boosted their price target on Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an overweight rating in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of Hold and an average target price of $100.20.

Pinnacle Financial Partners Stock Down 0.2 %

Shares of NASDAQ PNFP opened at $99.75 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $7.70 billion, a PE ratio of 14.27 and a beta of 1.05. The firm has a fifty day moving average of $93.89 and a 200-day moving average of $85.13. Pinnacle Financial Partners has a 52-week low of $59.66 and a 52-week high of $100.76.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, topping 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 return on equity of 8.97% and a net margin of 13.93%. On average, analysts anticipate that Pinnacle Financial Partners will post 6.83 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were paid a $0.22 dividend. The ex-dividend date was Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 0.88%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.59%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Wasatch Advisors LP raised its position 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 acquiring an additional 985,694 shares in the last quarter. Norges Bank acquired a new stake in Pinnacle Financial Partners in the 4th quarter valued at approximately $83,461,000. Dimensional Fund Advisors LP raised its stake 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 acquiring an additional 292,401 shares in the last quarter. Swedbank AB acquired a new position in Pinnacle Financial Partners during the 1st quarter worth $21,470,000. Finally, Lee Danner & Bass Inc. bought a new position in shares of Pinnacle Financial Partners in the second quarter worth $16,092,000. 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.