Pinnacle Financial Partners (NASDAQ:PNFP) Rating Lowered to Market Perform at Hovde Group

Hovde Group downgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP) from an outperform rating to a market perform rating in a research note released on Monday morning, Marketbeat Ratings reports. The brokerage currently has $135.00 price objective on the financial services provider’s stock.

Other research analysts also recently issued reports about the company. Citigroup upped their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Stephens increased their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Truist Financial boosted their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Barclays raised their price target on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Finally, Wells Fargo & Company boosted their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $108.70.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $124.06 on Monday. The company has a market cap of $9.58 billion, a PE ratio of 23.59 and a beta of 1.04. Pinnacle Financial Partners has a 12 month low of $70.03 and a 12 month high of $129.38. The company has a fifty day moving average price of $102.85 and a two-hundred day moving average price of $91.55. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The firm had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same quarter in the prior year, the business earned $1.79 earnings per share. Research analysts expect that Pinnacle Financial Partners will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is presently 16.73%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new stake in Pinnacle Financial Partners in the 2nd quarter valued at about $29,000. Ashton Thomas Securities LLC bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $30,000. Versant Capital Management Inc raised its holdings in shares of Pinnacle Financial Partners by 44.5% in the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 133 shares in the last quarter. UMB Bank n.a. lifted its stake in Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 226 shares during the last quarter. Finally, Values First Advisors Inc. bought a new stake in Pinnacle Financial Partners during the third quarter worth approximately $49,000. Institutional investors own 87.40% of the company’s stock.

About Pinnacle Financial Partners

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.