Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Lowered to $110.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered its price target for Pinnacle Financial Partners from $125.00 to $110.00, maintaining an "equal weight" rating for the stock.
• Pinnacle Financial Partners' stock recently declined by 12.2%, trading at $91.40, significantly below its 1-year high of $131.91.
• The company reported $2.00 earnings per share for the last quarter, exceeding analysts' estimates and showing a 15.1% year-over-year revenue growth.
• Currently, Pinnacle Financial Partners holds a consensus rating of "Moderate Buy" among analysts, with an average target price of $128.10.

Pinnacle Financial Partners (NASDAQ:PNFP - Free Report) had its target price cut by Wells Fargo & Company from $125.00 to $110.00 in a research report released on Friday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider's stock.

A number of other brokerages have also recently commented on PNFP. Hovde Group raised 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 research note on Wednesday, April 16th. Keefe, Bruyette & Woods lifted their price objective on shares of Pinnacle Financial Partners from $115.00 to $130.00 and gave the company a "market perform" rating in a report on Thursday, July 17th. Barclays upped their price objective on shares of Pinnacle Financial Partners from $125.00 to $140.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Citigroup raised their target price on Pinnacle Financial Partners from $134.00 to $140.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Finally, UBS Group reiterated a "neutral" rating and set a $121.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, July 9th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $123.60.

Pinnacle Financial Partners Stock Performance

PNFP traded down $12.60 on Friday, reaching $91.56. 8,337,921 shares of the stock were exchanged, compared to its average volume of 855,188. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. The company's 50-day moving average price is $109.66 and its 200 day moving average price is $109.14. The firm has a market capitalization of $7.10 billion, a PE ratio of 12.14 and a beta of 1.01. Pinnacle Financial Partners has a fifty-two week low of $81.57 and a fifty-two week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The company had revenue of $504.99 million during the quarter, compared to analyst estimates of $495.27 million. During the same period last year, the firm posted $1.63 EPS. Pinnacle Financial Partners's revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is 12.73%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. 1248 Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth $29,000. Ameritas Advisory Services LLC purchased a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth about $45,000. Golden State Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at about $48,000. SVB Wealth LLC purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth about $51,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Pinnacle Financial Partners during the 1st quarter worth approximately $57,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

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.