Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Raised to $120.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective upped by analysts at Stephens from $108.00 to $120.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Stephens’ target price indicates a potential upside of 12.49% from the stock’s current price.

Several other equities research analysts have also recently issued reports on PNFP. Hovde Group boosted their price objective on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Barclays increased their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Thursday. JPMorgan Chase & Co. decreased their target price on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. Truist Financial upped their target price on Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, Piper Sandler downgraded Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average price target of $105.00.

Pinnacle Financial Partners Trading Up 1.1 %

PNFP stock traded up $1.21 during midday trading on Thursday, reaching $106.68. 296,415 shares of the company traded hands, compared to its average volume of 468,599. The business has a 50 day moving average of $95.27 and a 200-day moving average of $86.79. Pinnacle Financial Partners has a 52-week low of $59.66 and a 52-week high of $107.13. The firm has a market capitalization of $8.24 billion, a price-to-earnings ratio of 15.21 and a beta of 1.05. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. The firm had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter in the prior year, the firm posted $1.79 earnings per share. As a group, sell-side analysts expect that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Institutional Trading of Pinnacle Financial Partners

A number of institutional investors have recently modified their holdings of PNFP. Norden Group LLC purchased a new stake in Pinnacle Financial Partners in the first quarter valued at about $1,065,000. Jennison Associates LLC raised its position in shares of Pinnacle Financial Partners by 2.4% in the 1st quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock valued at $94,244,000 after purchasing an additional 26,216 shares during the last quarter. Atria Investments Inc boosted its stake in Pinnacle Financial Partners by 40.9% in the 1st quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider’s stock worth $3,713,000 after purchasing an additional 12,551 shares in the last quarter. Sei Investments Co. grew its position in Pinnacle Financial Partners by 34.6% during the 1st quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider’s stock worth $19,890,000 after purchasing an additional 59,583 shares during the last quarter. Finally, Wasatch Advisors LP grew its position in Pinnacle Financial Partners by 41.8% during the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after purchasing an additional 985,694 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

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.