Analysts’ Recent Ratings Changes for Pinnacle Financial Partners (PNFP)

Pinnacle Financial Partners (NASDAQ: PNFP) has recently received a number of price target changes and ratings updates:

• 7/18/2024 – Pinnacle Financial Partners had its price target raised by analysts at Wells Fargo & Company from $90.00 to $100.00. They now have an “overweight” rating on the stock.
• 7/18/2024 – Pinnacle Financial Partners was downgraded by analysts at Piper Sandler from an “overweight” rating to a “neutral” rating. They now have a $98.00 price target on the stock, up previously from $95.00.
• 7/18/2024 – Pinnacle Financial Partners had its price target raised by analysts at Barclays PLC from $93.00 to $97.00. They now have an “equal weight” rating on the stock.
• 7/18/2024 – Pinnacle Financial Partners had its price target raised by analysts at Citigroup Inc. from $93.00 to $113.00. They now have a “buy” rating on the stock.
• 7/18/2024 – Pinnacle Financial Partners had its price target raised by analysts at Truist Financial Co. from $87.00 to $101.00. They now have a “buy” rating on the stock.
• 7/8/2024 – Pinnacle Financial Partners had its price target lowered by analysts at Truist Financial Co. from $94.00 to $87.00. They now have a “buy” rating on the stock.
• 6/27/2024 – Pinnacle Financial Partners had its price target lowered by analysts at JPMorgan Chase & Co. from $108.00 to $105.00. They now have an “overweight” rating on the stock.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP traded up $2.81 during trading on Thursday, hitting $96.97. The stock had a trading volume of 475,890 shares, compared to its average volume of 462,144. Pinnacle Financial Partners, Inc. has a 12-month low of $59.66 and a 12-month high of $97.84. The stock has a market capitalization of $7.49 billion, a price-to-earnings ratio of 13.87 and a beta of 1.08. 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 50-day simple moving average of $80.81 and a two-hundred day simple moving average of $82.29.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.52 by $0.01. The company had revenue of $428.14 million during the quarter, compared to analysts’ expectations of $413.27 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. On average, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 6.73 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 2nd will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.91%. The ex-dividend date is Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Ceredex Value Advisors LLC raised its position in Pinnacle Financial Partners by 1.0% during the second quarter. Ceredex Value Advisors LLC now owns 169,065 shares of the financial services provider’s stock valued at $13,532,000 after acquiring an additional 1,650 shares in the last quarter. &PARTNERS boosted its stake in shares of Pinnacle Financial Partners by 8.2% in the second quarter. &PARTNERS now owns 11,724 shares of the financial services provider’s stock worth $938,000 after acquiring an additional 890 shares during the last quarter. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Pinnacle Financial Partners in the second quarter worth approximately $188,000. First Citizens Bank & Trust Co. boosted its stake in shares of Pinnacle Financial Partners by 10.5% in the second quarter. First Citizens Bank & Trust Co. now owns 7,347 shares of the financial services provider’s stock worth $588,000 after acquiring an additional 699 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its stake in shares of Pinnacle Financial Partners by 2.5% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 171,629 shares of the financial services provider’s stock worth $13,737,000 after acquiring an additional 4,187 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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.