Pinnacle Financial Partners (NYSE:PNFP) Price Target Raised to $118.00

Pinnacle Financial Partners (NYSE:PNFP) had its price target upped by Truist Financial from $115.00 to $118.00 in a research note issued to investors on Tuesday, Marketbeat Ratings reports. Truist Financial currently has a buy rating on the stock.

Other analysts also recently issued reports about the company. Citigroup boosted their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. TD Cowen increased their price objective on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday. Piper Sandler lifted their target price on Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. JPMorgan Chase & Co. decreased their price target on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Friday, July 24th. Finally, Stephens set a $112.00 price target on shares of Pinnacle Financial Partners in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $117.00.

Pinnacle Financial Partners Stock Up 0.1%

Pinnacle Financial Partners stock opened at $104.85 on Tuesday. The firm has a 50-day moving average of $98.60. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market cap of $8.13 billion, a PE ratio of 14.40, a P/E/G ratio of 0.42 and a beta of 1.04. Pinnacle Financial Partners has a twelve month low of $81.08 and a twelve month high of $107.00.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Equities analysts anticipate that Pinnacle Financial Partners will post 10.18 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be given a $0.50 dividend. The ex-dividend date is Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. Pinnacle Financial Partners’s payout ratio is presently 27.47%.

Insider Activity

In other news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, July 24th. The shares were acquired at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the transaction, the insider owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its stake in shares of Pinnacle Financial Partners by 6.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock valued at $69,060,000 after purchasing an additional 37,989 shares during the last quarter. Focus Partners Wealth lifted its position in shares of Pinnacle Financial Partners by 13.9% during the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock worth $504,000 after buying an additional 581 shares during the last quarter. Amundi boosted its stake in Pinnacle Financial Partners by 25,700.0% in the second quarter. Amundi now owns 4,386 shares of the company’s stock valued at $513,000 after buying an additional 4,369 shares in the last quarter. Jump Financial LLC acquired a new stake in Pinnacle Financial Partners in the second quarter valued at about $229,000. Finally, Cerity Partners LLC grew its position in Pinnacle Financial Partners by 4.2% in the second quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock valued at $2,877,000 after acquiring an additional 1,039 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

About Pinnacle Financial Partners

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.