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

Pinnacle Financial Partners (NASDAQ:PNFP - Free Report) had its price target upped by Barclays from $125.00 to $140.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the financial services provider's stock.

A number of other research analysts have also commented on the company. Wells Fargo & Company cut their price target on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target for the company in a report on Wednesday, April 16th. Citigroup upped their price target on Pinnacle Financial Partners from $126.00 to $134.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. upped their price target on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Finally, Keefe, Bruyette & Woods cut their price target on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $123.73.

Pinnacle Financial Partners Stock Up 0.8%

Shares of NASDAQ PNFP traded up $0.94 during trading hours on Tuesday, hitting $118.15. The stock had a trading volume of 455,715 shares, compared to its average volume of 510,518. The company has a market capitalization of $9.16 billion, a P/E ratio of 19.12 and a beta of 1.01. The firm's 50-day moving average price is $108.02 and its two-hundred day moving average price is $109.25. Pinnacle Financial Partners has a 52 week low of $76.75 and a 52 week high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.89.

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

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 2nd were paid a $0.24 dividend. The ex-dividend date was Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.81%. Pinnacle Financial Partners's payout ratio is 15.53%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Pinnacle Financial Partners by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock worth $823,652,000 after acquiring an additional 87,058 shares in the last quarter. FMR LLC raised its stake in Pinnacle Financial Partners by 10.6% during the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock worth $343,549,000 after acquiring an additional 286,894 shares in the last quarter. North Reef Capital Management LP raised its stake in Pinnacle Financial Partners by 57.1% during the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock worth $221,917,000 after acquiring an additional 705,000 shares in the last quarter. Wellington Management Group LLP raised its stake in Pinnacle Financial Partners by 5.9% during the first quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider's stock worth $168,873,000 after acquiring an additional 88,282 shares in the last quarter. Finally, Capital Research Global Investors raised its stake in Pinnacle Financial Partners by 57.0% during the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock worth $178,425,000 after acquiring an additional 566,061 shares in the last quarter. 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.