Pinnacle Financial Partners (NASDAQ:PNFP) PT Raised to $113.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target increased by investment analysts at Truist Financial from $101.00 to $113.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target would indicate a potential upside of 13.51% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Barclays raised their price target on Pinnacle Financial Partners from $93.00 to $97.00 and gave the company an “equal weight” rating in a report on Thursday, July 18th. Stephens dropped their target price on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Citigroup raised their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Finally, Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $100.20.

Pinnacle Financial Partners Price Performance

NASDAQ:PNFP traded down $1.01 during mid-day trading on Friday, reaching $99.55. 228,185 shares of the company were exchanged, compared to its average volume of 450,807. Pinnacle Financial Partners has a 12 month low of $59.66 and a 12 month high of $100.76. The stock has a market cap of $7.69 billion, a PE ratio of 14.24 and a beta of 1.05. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The company has a fifty day moving average of $93.38 and a 200 day moving average of $84.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The business had revenue of $366.55 million during the quarter, compared to analyst estimates of $426.40 million. On average, research analysts anticipate that Pinnacle Financial Partners will post 6.83 EPS for the current fiscal year.

Institutional Investors Weigh In On Pinnacle Financial Partners

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Securities Inc. bought a new position in Pinnacle Financial Partners during the 4th quarter worth about $60,000. Norges Bank bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at approximately $83,461,000. PNC Financial Services Group Inc. boosted its position in Pinnacle Financial Partners by 16.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,373 shares of the financial services provider’s stock worth $381,000 after acquiring an additional 618 shares during the last quarter. Corient Private Wealth LLC grew its stake in shares of Pinnacle Financial Partners by 10.1% during the 4th quarter. Corient Private Wealth LLC now owns 12,440 shares of the financial services provider’s stock worth $1,085,000 after acquiring an additional 1,138 shares in the last quarter. Finally, Assetmark Inc. acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $101,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

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.