Pinnacle Financial Partners (NASDAQ:PNFP) Stock Price Expected to Rise, Citigroup Analyst Says

Pinnacle Financial Partners (NASDAQ:PNFP - Free Report) had its price target upped by Citigroup from $126.00 to $134.00 in a research note published on Wednesday,Benzinga reports. They currently have a buy rating on the financial services provider's stock.

Several other research firms have also commented on PNFP. Barclays reduced their price target on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Jefferies Financial Group assumed coverage on Pinnacle Financial Partners in a research note on Wednesday, May 21st. They issued a "buy" rating and a $135.00 price target on the stock. Keefe, Bruyette & Woods cut their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. Hovde Group upgraded shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective on the stock in a report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. increased their target price on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a research note on Tuesday. Four research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and a consensus target price of $122.36.

Pinnacle Financial Partners Trading Up 2.4%

Shares of NASDAQ PNFP traded up $2.74 during trading on Wednesday, hitting $117.00. 555,203 shares of the company were exchanged, compared to its average volume of 511,001. The company has a fifty day moving average price of $106.64 and a 200-day moving average price of $109.18. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market capitalization of $9.07 billion, a PE ratio of 18.93 and a beta of 1.01. Pinnacle Financial Partners has a 12-month low of $76.75 and a 12-month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.08. The firm had revenue of $475.37 million during the quarter, compared to analysts' expectations of $478.11 million. Pinnacle Financial Partners had a net margin of 15.98% and a return on equity of 9.29%. During the same period last year, the business earned $1.53 earnings per share. As a group, equities research analysts expect that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 2nd were given a dividend of $0.24 per share. The ex-dividend date was Friday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 0.82%. Pinnacle Financial Partners's dividend payout ratio is presently 15.53%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Sage Mountain Advisors LLC boosted its holdings in shares of Pinnacle Financial Partners by 0.3% in the 4th quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider's stock valued at $4,141,000 after buying an additional 99 shares in the last quarter. Utah Retirement Systems grew its holdings in shares of Pinnacle Financial Partners by 2.5% during the fourth quarter. Utah Retirement Systems now owns 4,090 shares of the financial services provider's stock worth $468,000 after purchasing an additional 100 shares during the last quarter. KLP Kapitalforvaltning AS grew its holdings in shares of Pinnacle Financial Partners by 0.6% during the first quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider's stock worth $1,675,000 after purchasing an additional 100 shares during the last quarter. Brooklyn Investment Group increased its position in shares of Pinnacle Financial Partners by 15.3% during the first quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock worth $88,000 after purchasing an additional 110 shares in the last quarter. Finally, Cahaba Wealth Management Inc. lifted its holdings in shares of Pinnacle Financial Partners by 1.7% in the 4th quarter. Cahaba Wealth Management Inc. now owns 6,625 shares of the financial services provider's stock valued at $758,000 after purchasing an additional 113 shares during the last quarter. Institutional investors and hedge funds 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.