Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Raised to $125.00 at Wells Fargo & Company

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price raised by Wells Fargo & Company from $120.00 to $125.00 in a research report released on Thursday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other equities research analysts also recently issued research reports about the stock. Citigroup boosted their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Truist Financial upped their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Finally, UBS Group began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective for the company. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $125.18.

Pinnacle Financial Partners Trading Up 0.2 %

NASDAQ:PNFP opened at $122.34 on Thursday. The stock has a market cap of $9.45 billion, a price-to-earnings ratio of 20.46 and a beta of 1.09. Pinnacle Financial Partners has a one year low of $73.62 and a one year high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The business’s 50-day simple moving average is $119.35 and its 200 day simple moving average is $104.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The company had revenue of $475.34 million for the quarter, compared to analyst estimates of $470,334.57 billion. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. Pinnacle Financial Partners’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.68 EPS. As a group, sell-side analysts predict that Pinnacle Financial Partners will post 7.56 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date of this dividend is Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 14.72%.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the sale, the chairman now directly owns 123,000 shares in the company, valued at $15,263,070. This trade represents a 28.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the sale, the chief financial officer now directly owns 60,805 shares in the company, valued at $7,635,283.85. The trade was a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,661 shares of company stock worth $9,563,127 in the last ninety days. 1.87% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Ashton Thomas Securities LLC bought a new position in Pinnacle Financial Partners in the 3rd quarter valued at about $30,000. UMB Bank n.a. lifted its stake in shares of Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 226 shares during the period. Values First Advisors Inc. bought a new position in shares of Pinnacle Financial Partners in the third quarter valued at approximately $49,000. Quarry LP increased its stake in shares of Pinnacle Financial Partners by 3,500.0% during the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock valued at $61,000 after acquiring an additional 735 shares during the period. Finally, Brooklyn Investment Group bought a new stake in Pinnacle Financial Partners during the third quarter worth approximately $70,000. 87.40% of the stock is owned by institutional investors and hedge funds.

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.