Pinnacle Financial Partners (NASDAQ:PNFP) Upgraded at Barclays

Pinnacle Financial Partners (NASDAQ:PNFP) was upgraded by investment analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report issued on Thursday,Briefing.com Automated Import reports. The brokerage currently has a $135.00 price objective on the financial services provider’s stock, up from their prior price objective of $120.00. Barclays‘s price target would suggest a potential upside of 21.57% from the company’s previous close.

PNFP has been the topic of a number of other research reports. Citigroup upped their target price on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Stephens lifted their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. UBS Group assumed coverage on Pinnacle Financial Partners in a research report on Tuesday. They issued a “neutral” rating and a $133.00 target price on the stock. Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research note on Monday, November 18th. Finally, Truist Financial increased their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus target price of $118.91.

Pinnacle Financial Partners Stock Down 5.1 %

NASDAQ PNFP opened at $111.05 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners has a 52 week low of $73.62 and a 52 week high of $131.91. The business’s fifty day simple moving average is $115.47 and its 200-day simple moving average is $98.13. The firm has a market cap of $8.58 billion, a PE ratio of 21.11 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same period in the previous year, the business posted $1.79 EPS. As a group, equities analysts anticipate that Pinnacle Financial Partners will post 6.8 earnings per share for the current year.

Insider Activity at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the transaction, the chairman now owns 123,000 shares in the company, valued at approximately $15,263,070. This represents a 28.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Harold R. Carpenter sold 3,051 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the sale, the chief financial officer now owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. The trade was a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,661 shares of company stock valued at $9,563,127 over the last 90 days. 1.87% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds have recently added to or reduced their stakes in PNFP. Azora Capital LP acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at $64,326,000. Dimensional Fund Advisors LP boosted its stake in Pinnacle Financial Partners by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after acquiring an additional 292,401 shares in the last quarter. FMR LLC grew its holdings in shares of Pinnacle Financial Partners by 11.6% during the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after purchasing an additional 282,016 shares during the last quarter. Holocene Advisors LP purchased a new position in shares of Pinnacle Financial Partners during the third quarter worth about $21,576,000. Finally, Principal Financial Group Inc. increased its position in shares of Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after purchasing an additional 208,938 shares in the last quarter. 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.