Pinnacle Financial Partners (NASDAQ:PNFP) PT Raised to $104.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price lifted by equities research analysts at Wells Fargo & Company from $100.00 to $104.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price suggests a potential downside of 1.53% from the company’s previous close.

A number of other analysts have also recently commented on the stock. Hovde Group boosted 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 boosted their target price on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Piper Sandler cut shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. JPMorgan Chase & Co. cut their target price on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research note on Thursday, June 27th. Finally, Citigroup boosted their target price on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average target price of $106.00.

Pinnacle Financial Partners Stock Down 0.7 %

PNFP opened at $105.62 on Thursday. Pinnacle Financial Partners has a fifty-two week low of $59.66 and a fifty-two week high of $107.13. 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 company has a fifty day moving average of $96.03 and a two-hundred day moving average of $87.08. The stock has a market capitalization of $8.16 billion, a price-to-earnings ratio of 20.75 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The company had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter in the previous year, the company earned $1.79 earnings per share. On average, research analysts expect that Pinnacle Financial Partners will post 6.77 earnings per share for the current year.

Hedge Funds Weigh In On Pinnacle Financial Partners

Institutional investors and hedge funds have recently bought and sold shares of the company. Norden Group LLC acquired a new position in Pinnacle Financial Partners in the 1st quarter valued at about $1,065,000. Jennison Associates LLC boosted its holdings in 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 holdings 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 valued at $3,713,000 after purchasing an additional 12,551 shares during the last quarter. Sei Investments Co. boosted its holdings in Pinnacle Financial Partners by 34.6% in the 1st quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider’s stock valued at $19,890,000 after purchasing an additional 59,583 shares during the last quarter. Finally, Wasatch Advisors LP boosted its holdings in Pinnacle Financial Partners by 41.8% in the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $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 and hedge funds.

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.