Truist Financial Issues Positive Forecast for Pinnacle Financial Partners (NASDAQ:PNFP) Stock Price

Pinnacle Financial Partners (NASDAQ:PNFP - Free Report) had its price target increased by Truist Financial from $123.00 to $127.00 in a research report report published on Friday morning,Benzinga reports. Truist Financial currently has a buy rating on the financial services provider's stock.

A number of other equities analysts also recently commented on the company. Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $105.00 to $125.00 and gave the stock an "equal weight" rating in a research note on Thursday. Keefe, Bruyette & Woods decreased their price target on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. UBS Group reiterated a "neutral" rating and issued a $121.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday. Jefferies Financial Group initiated coverage on Pinnacle Financial Partners in a research note on Wednesday, May 21st. They issued a "buy" rating and a $135.00 price target for the company. Finally, 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 research note on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $124.82.

Pinnacle Financial Partners Stock Down 1.2%

Shares of Pinnacle Financial Partners stock traded down $1.43 during trading hours on Friday, hitting $118.20. 441,639 shares of the company's stock traded hands, compared to its average volume of 508,111. The stock has a 50 day simple moving average of $108.98 and a 200-day simple moving average of $109.38. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.37. The company has a market cap of $9.17 billion, a PE ratio of 19.13 and a beta of 1.01. Pinnacle Financial Partners has a twelve month low of $81.57 and a twelve month high of $131.91.

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 for the quarter, beating the consensus estimate of $1.82 by $0.08. The company had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.29% and a net margin of 15.98%. During the same period last year, the firm earned $1.53 earnings per share. Equities research analysts anticipate that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Institutional Investors Weigh In On Pinnacle Financial Partners

Hedge funds have recently made changes to their positions in the business. 1248 Management LLC acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth approximately $29,000. Golden State Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth approximately $48,000. SVB Wealth LLC acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth approximately $51,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth approximately $57,000. Finally, Kapitalo Investimentos Ltda acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter worth approximately $78,000. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Company Profile

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.