Wells Fargo & Company Lowers Pinnacle Financial Partners (NASDAQ:PNFP) to Equal Weight

Wells Fargo & Company downgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP) from an overweight rating to an equal weight rating in a research note issued to investors on Tuesday, MarketBeat reports. They currently have $100.00 price objective on the financial services provider’s stock.

A number of other research analysts also recently weighed in on the company. Piper Sandler downgraded Pinnacle Financial Partners from an overweight rating to a neutral rating and increased their price target for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. JPMorgan Chase & Co. cut their price target on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an overweight rating on the stock in a research note on Thursday, June 27th. Hovde Group upped their target price on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an outperform rating in a research note on Friday, September 27th. Truist Financial upped their price target on Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a buy rating in a research report on Friday, September 20th. Finally, Barclays raised their price objective on Pinnacle Financial Partners from $97.00 to $101.00 and gave the company an equal weight rating in a report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $102.10.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP opened at $92.95 on Tuesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market cap of $7.18 billion, a PE ratio of 13.30 and a beta of 1.05. Pinnacle Financial Partners has a twelve month low of $59.66 and a twelve month high of $100.76. The business has a fifty day moving average of $94.08 and a 200-day moving average of $85.85.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, beating the consensus estimate of $1.60 by $0.03. The company had revenue of $366.55 million during the quarter, compared to analysts’ expectations of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. On average, equities research analysts predict that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 0.95%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.59%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Versant Capital Management Inc increased its position in Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after buying an additional 133 shares during the period. Covenant Partners LLC increased its holdings in Pinnacle Financial Partners by 1.4% in the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock valued at $933,000 after buying an additional 149 shares during the period. CANADA LIFE ASSURANCE Co raised its position in shares of Pinnacle Financial Partners by 0.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock valued at $4,930,000 after buying an additional 152 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Pinnacle Financial Partners by 26.7% in the 2nd quarter. GAMMA Investing LLC now owns 853 shares of the financial services provider’s stock valued at $68,000 after buying an additional 180 shares in the last quarter. Finally, Duncan Williams Asset Management LLC lifted its holdings in shares of Pinnacle Financial Partners by 1.5% during the 3rd quarter. Duncan Williams Asset Management LLC now owns 12,828 shares of the financial services provider’s stock worth $1,257,000 after acquiring an additional 195 shares during the period. 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.