Pinnacle Financial Partners (NYSE:PNFP) Price Target Raised to $115.00

Pinnacle Financial Partners (NYSE:PNFP) had its target price increased by investment analysts at Truist Financial from $114.00 to $115.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 18.76% from the company’s current price.

Several other brokerages have also commented on PNFP. UBS Group upped their price objective on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Wall Street Zen downgraded shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Monday, May 4th. Evercore restated an “outperform” rating and issued a $115.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, April 29th. JPMorgan Chase & Co. boosted their price target on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Finally, Raymond James Financial restated a “strong-buy” rating on shares of Pinnacle Financial Partners in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $115.19.

Pinnacle Financial Partners Stock Down 1.1%

Shares of Pinnacle Financial Partners stock traded down $1.05 during mid-day trading on Monday, hitting $96.84. The stock had a trading volume of 187,782 shares, compared to its average volume of 1,598,263. The firm’s 50-day simple moving average is $90.44. Pinnacle Financial Partners has a 12-month low of $81.08 and a 12-month high of $120.46. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The company has a market cap of $7.51 billion, a price-to-earnings ratio of 13.43, a P/E/G ratio of 0.37 and a beta of 1.06.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Sell-side analysts expect that Pinnacle Financial Partners will post 10.33 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Andrew J. Jr. Gregory purchased 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 12th. The shares were purchased at an average cost of $94.52 per share, for a total transaction of $94,520.00. Following the purchase, the chief financial officer directly owned 49,485 shares of the company’s stock, valued at $4,677,322.20. The trade was a 2.06% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC increased its stake in Pinnacle Financial Partners by 97.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 47,073 shares of the company’s stock valued at $4,327,000 after purchasing an additional 23,292 shares during the period. Yousif Capital Management LLC boosted its stake in shares of Pinnacle Financial Partners by 92.4% during the fourth quarter. Yousif Capital Management LLC now owns 46,456 shares of the company’s stock worth $4,519,000 after buying an additional 22,306 shares during the period. Jones Financial Companies Lllp boosted its stake in shares of Pinnacle Financial Partners by 585.5% during the third quarter. Jones Financial Companies Lllp now owns 18,419 shares of the company’s stock worth $1,768,000 after buying an additional 15,732 shares during the period. Hudson Bay Capital Management LP acquired a new stake in shares of Pinnacle Financial Partners during the third quarter worth about $1,128,000. Finally, Woodmont Investment Counsel LLC boosted its stake in shares of Pinnacle Financial Partners by 43.1% during the third quarter. Woodmont Investment Counsel LLC now owns 94,388 shares of the company’s stock worth $8,853,000 after buying an additional 28,445 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

About Pinnacle Financial Partners

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.