Pinnacle Financial Partners (NASDAQ:PNFP) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price increased by equities researchers at Keefe, Bruyette & Woods from $115.00 to $130.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 11.59% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Hovde Group raised Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price objective on the stock in a report on Wednesday, April 16th. UBS Group reaffirmed a “neutral” rating and set a $121.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, July 9th. JPMorgan Chase & Co. lifted their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Citigroup boosted their target price on Pinnacle Financial Partners from $126.00 to $134.00 and gave the stock a “buy” rating in a report on Wednesday, July 2nd. Finally, Truist Financial reissued a “buy” rating and issued a $127.00 target price (up from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus price target of $126.18.

Pinnacle Financial Partners Stock Up 1.4%

PNFP stock opened at $116.50 on Thursday. Pinnacle Financial Partners has a twelve month low of $81.57 and a twelve month high of $131.91. The company has a market cap of $9.04 billion, a PE ratio of 15.45 and a beta of 1.01. The business’s 50-day simple moving average is $109.70 and its 200 day simple moving average is $109.42. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.92 by $0.08. The company had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.67% and a net margin of 18.69%. The company’s quarterly revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.63 earnings per share. On average, research analysts anticipate that Pinnacle Financial Partners will post 7.85 earnings per share for the current year.

Institutional Trading of Pinnacle Financial Partners

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in Pinnacle Financial Partners by 51.7% in the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider’s stock worth $171,000 after purchasing an additional 551 shares during the period. Golden State Wealth Management LLC acquired a new position in Pinnacle Financial Partners in the 1st quarter worth $48,000. M&T Bank Corp boosted its stake in Pinnacle Financial Partners by 9.0% in the 1st quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider’s stock worth $868,000 after purchasing an additional 674 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Pinnacle Financial Partners by 3.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 142,165 shares of the financial services provider’s stock worth $14,892,000 after purchasing an additional 4,356 shares during the period. Finally, Impax Asset Management Group plc acquired a new position in Pinnacle Financial Partners in the 1st quarter worth $7,423,000. 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.