Pinnacle Financial Partners (NASDAQ:PNFP) Given New $101.00 Price Target at Barclays

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target boosted by Barclays from $97.00 to $101.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s target price would suggest a potential upside of 3.62% from the stock’s current price.

Several other equities analysts have also commented on PNFP. Hovde Group upped their price target on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday. Citigroup increased their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Piper Sandler downgraded Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. 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 note on Thursday, June 27th. Finally, Truist Financial boosted their price target on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and an average price target of $102.10.

Pinnacle Financial Partners Stock Up 1.0 %

Shares of PNFP traded up $1.00 during midday trading on Friday, hitting $97.47. The company had a trading volume of 59,046 shares, compared to its average volume of 456,780. The stock has a market cap of $7.53 billion, a price-to-earnings ratio of 13.89 and a beta of 1.05. Pinnacle Financial Partners has a 52 week low of $59.66 and a 52 week high of $100.76. The company’s 50 day moving average price is $94.11 and its 200 day moving average price is $85.38. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its 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. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The firm had revenue of $366.55 million during the quarter, compared to analyst estimates of $426.40 million. On average, equities research analysts predict that Pinnacle Financial Partners will post 6.81 EPS for the current year.

Institutional Trading of Pinnacle Financial Partners

Hedge funds and other institutional investors have recently modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Pinnacle Financial Partners during the second quarter valued at approximately $417,000. Sanctuary Advisors LLC bought a new position in shares of Pinnacle Financial Partners during the 2nd quarter valued at $322,000. Quarry LP increased its holdings in shares of Pinnacle Financial Partners by 3,500.0% during the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock valued at $61,000 after acquiring an additional 735 shares during the last quarter. Creative Planning grew its position in shares of Pinnacle Financial Partners by 6.9% in the second quarter. Creative Planning now owns 17,096 shares of the financial services provider’s stock valued at $1,368,000 after purchasing an additional 1,097 shares during the last quarter. Finally, Algert Global LLC bought a new position in Pinnacle Financial Partners during the second quarter worth $621,000. 87.40% of the stock is currently owned by hedge funds and other 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.