Wells Fargo & Company Downgrades Pinnacle Financial Partners (NASDAQ:PNFP) to Equal Weight

Wells Fargo & Company lowered shares of Pinnacle Financial Partners (NASDAQ:PNFPFree Report) from an overweight rating to an equal weight rating in a report issued on Tuesday, MarketBeat Ratings reports. They currently have $100.00 price objective on the financial services provider’s stock.

Other equities research analysts also recently issued research reports about the stock. Citigroup raised their price target on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a buy rating in a research report on Thursday, July 18th. Barclays lifted their target price on Pinnacle Financial Partners from $97.00 to $101.00 and gave the stock an equal weight rating in a report on Friday, September 27th. JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an overweight rating on the stock in a report on Thursday, June 27th. Piper Sandler downgraded Pinnacle Financial Partners from an overweight rating to a neutral rating and lifted their price objective for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. Finally, Truist Financial boosted their target price on Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a buy rating in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $102.10.

Check Out Our Latest Stock Report on Pinnacle Financial Partners

Pinnacle Financial Partners Trading Up 3.5 %

PNFP opened at $96.21 on Tuesday. The stock has a market cap of $7.43 billion, a PE ratio of 13.76 and a beta of 1.05. The business has a 50 day moving average of $94.05 and a 200-day moving average of $85.97. Pinnacle Financial Partners has a 52 week low of $59.66 and a 52 week high of $100.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners (NASDAQ:PNFPGet Free Report) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. The business had revenue of $366.55 million during the quarter, compared to the consensus estimate of $426.40 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. Equities research analysts predict that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date was Friday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Institutional Trading of Pinnacle Financial Partners

Several hedge funds have recently made changes to their positions in PNFP. PNC Financial Services Group Inc. raised its position in Pinnacle Financial Partners by 16.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,373 shares of the financial services provider’s stock worth $381,000 after purchasing an additional 618 shares during the period. US Bancorp DE raised its holdings in shares of Pinnacle Financial Partners by 62.1% in the fourth quarter. US Bancorp DE now owns 7,041 shares of the financial services provider’s stock worth $614,000 after buying an additional 2,698 shares during the period. Allianz Asset Management GmbH lifted its stake in shares of Pinnacle Financial Partners by 10.2% during the 4th quarter. Allianz Asset Management GmbH now owns 78,913 shares of the financial services provider’s stock worth $6,883,000 after acquiring an additional 7,327 shares during the last quarter. Treasurer of the State of North Carolina boosted its holdings in Pinnacle Financial Partners by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 33,360 shares of the financial services provider’s stock valued at $2,910,000 after acquiring an additional 320 shares during the period. Finally, Capstone Investment Advisors LLC bought a new position in Pinnacle Financial Partners in the 4th quarter valued at $211,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

About Pinnacle Financial Partners

(Get Free Report)

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.

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Analyst Recommendations for Pinnacle Financial Partners (NASDAQ:PNFP)

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