Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) was downgraded by research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Tuesday, Briefing.com reports. They presently have a $100.00 price target on the financial services provider’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 2.07% from the stock’s previous close.
PNFP has been the subject of several other research reports. Barclays raised their target price on shares of Pinnacle Financial Partners from $97.00 to $101.00 and gave the stock an “equal weight” rating in a report on Friday. Truist Financial raised their price objective 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. Hovde Group upped their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. decreased their price target on 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, Piper Sandler downgraded Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $95.00 to $98.00 in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $102.10.
Read Our Latest Report on PNFP
Pinnacle Financial Partners Trading Up 1.3 %
Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.03. The company had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. As a group, research analysts expect that Pinnacle Financial Partners will post 6.81 EPS for the current year.
Institutional Investors Weigh In On Pinnacle Financial Partners
Hedge funds have recently modified their holdings of the business. Rise Advisors LLC bought a new position in Pinnacle Financial Partners in the first quarter worth approximately $26,000. International Assets Investment Management LLC bought a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth $29,000. Versant Capital Management Inc lifted its stake in shares of Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 133 shares during the last quarter. Quarry LP boosted its position in Pinnacle Financial Partners by 3,500.0% during the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 735 shares in the last quarter. Finally, Mather Group LLC. purchased a new position in Pinnacle Financial Partners in the first quarter valued at about $65,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.
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.
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