Citigroup Forecasts Strong Price Appreciation for Pinnacle Financial Partners (NASDAQ:PNFP) Stock

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective raised by investment analysts at Citigroup from $123.00 to $132.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Citigroup’s price target indicates a potential upside of 15.39% from the stock’s current price.

PNFP has been the subject of several other reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Stephens boosted their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Finally, UBS Group started coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target on the stock. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $119.73.

Pinnacle Financial Partners Trading Up 0.6 %

Shares of PNFP stock opened at $114.39 on Tuesday. Pinnacle Financial Partners has a 1 year low of $73.62 and a 1 year high of $131.91. The firm has a market capitalization of $8.84 billion, a PE ratio of 21.75 and a beta of 1.08. The stock has a fifty day moving average of $117.88 and a two-hundred day moving average of $100.77. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.07. The business had revenue of $810.11 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted $1.79 earnings per share. As a group, research analysts expect that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Insider Transactions at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 3,610 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $126.07, for a total value of $455,112.70. Following the completion of the sale, the director now directly owns 139,489 shares of the company’s stock, valued at approximately $17,585,378.23. This represents a 2.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction dated 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 $7,635,283.85. The trade was a 4.78 % decrease in their ownership of the stock. 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 ninety days. Corporate insiders own 1.87% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Azora Capital LP purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at $64,326,000. Dimensional Fund Advisors LP grew 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 purchasing an additional 292,401 shares in the last quarter. FMR LLC increased its position in Pinnacle Financial Partners by 11.6% in the 3rd 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 acquired a new position in Pinnacle Financial Partners in the 3rd quarter worth about $21,576,000. Finally, Principal Financial Group Inc. raised its stake in shares of Pinnacle Financial Partners by 27.0% during the 3rd 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. Institutional investors and hedge funds 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.