Pinnacle Financial Partners (NYSE:PNFP) Price Target Raised to $118.00

Pinnacle Financial Partners (NYSE:PNFP) had its price objective lifted by equities researchers at Truist Financial from $115.00 to $118.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 14.32% from the company’s current price.

A number of other brokerages have also recently weighed in on PNFP. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. UBS Group boosted their price objective on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, April 24th. DA Davidson boosted their target price on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday. Robert W. Baird initiated coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 target price for the company. Finally, JPMorgan Chase & Co. cut their target price on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average target price of $117.00.

Pinnacle Financial Partners Stock Up 0.6%

NYSE PNFP opened at $103.22 on Tuesday. The firm has a market cap of $8.01 billion, a PE ratio of 14.18, a PEG ratio of 0.41 and a beta of 1.04. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The business’s 50 day moving average price is $98.07. Pinnacle Financial Partners has a 52 week low of $81.08 and a 52 week high of $107.00.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. On average, equities research analysts expect that Pinnacle Financial Partners will post 10.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pinnacle Financial Partners

Institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. boosted its position in Pinnacle Financial Partners by 6.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock valued at $69,060,000 after purchasing an additional 37,989 shares during the period. Focus Partners Wealth lifted its position in shares of Pinnacle Financial Partners by 13.9% during the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock valued at $504,000 after acquiring an additional 581 shares during the last quarter. Amundi grew its holdings in shares of Pinnacle Financial Partners by 25,700.0% during the second quarter. Amundi now owns 4,386 shares of the company’s stock valued at $513,000 after buying an additional 4,369 shares in the last quarter. Jump Financial LLC purchased a new position in Pinnacle Financial Partners during the second quarter valued at approximately $229,000. Finally, Cerity Partners LLC boosted its position in Pinnacle Financial Partners by 4.2% during the second quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock valued at $2,877,000 after purchasing an additional 1,039 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

About Pinnacle Financial Partners

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.