Hovde Group Cuts Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $120.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target reduced by analysts at Hovde Group from $135.00 to $120.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Hovde Group’s target price would indicate a potential upside of 15.60% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Wells Fargo & Company increased their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. Stephens restated an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Citigroup lifted their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st. Finally, JPMorgan Chase & Co. decreased their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $123.82.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP opened at $103.81 on Wednesday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $8.03 billion, a P/E ratio of 17.41 and a beta of 1.09. Pinnacle Financial Partners has a 12 month low of $73.62 and a 12 month high of $131.91. The stock has a 50 day moving average of $114.04 and a 200-day moving average of $112.53.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.80 by $0.10. The firm had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.68 earnings per share. As a group, equities research analysts predict that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Insider Activity

In related news, Director David B. Ingram sold 10,309 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $126.00, for a total value of $1,298,934.00. Following the sale, the director now directly owns 82,256 shares of the company’s stock, valued at $10,364,256. This trade represents a 11.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Glenda Baskin Glover sold 3,000 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the transaction, the director now directly owns 9,943 shares of the company’s stock, valued at approximately $1,009,711.65. The trade was a 23.18 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 95,350 shares of company stock worth $11,421,320. Insiders own 1.46% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kapitalo Investimentos Ltda acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at $78,000. UMB Bank n.a. boosted its stake in shares of Pinnacle Financial Partners by 48.1% during the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 239 shares in the last quarter. Principal Securities Inc. boosted its stake in shares of Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after purchasing an additional 91 shares in the last quarter. Trust Co. of Vermont acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $97,000. Finally, Values First Advisors Inc. raised its holdings in Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock valued at $167,000 after buying an additional 955 shares during the last quarter. Institutional investors 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.