Stephens Reaffirms “Overweight” Rating for Pinnacle Financial Partners (NASDAQ:PNFP)

Pinnacle Financial Partners (NASDAQ:PNFP)‘s stock had its “overweight” rating reiterated by stock analysts at Stephens in a report released on Wednesday,Benzinga reports. They presently have a $142.00 price target on the financial services provider’s stock. Stephens’ price objective would indicate a potential upside of 17.68% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Wells Fargo & Company raised their price objective on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. UBS Group started coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. Truist Financial raised their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Citigroup boosted their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Finally, Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average target price of $124.73.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock traded up $0.45 during midday trading on Wednesday, hitting $120.67. The company had a trading volume of 192,220 shares, compared to its average volume of 450,923. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market cap of $9.32 billion, a price-to-earnings ratio of 22.94 and a beta of 1.09. The company’s 50 day simple moving average is $119.52 and its 200 day simple moving average is $104.47. Pinnacle Financial Partners has a 52-week low of $73.62 and a 52-week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. The business had revenue of $475.34 million for the quarter, compared to analyst estimates of $470,334.57 billion. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The business’s revenue was up 19.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.68 earnings per share. Research analysts anticipate that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Insider Activity

In related news, Director David B. Ingram sold 20,000 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $126.02, for a total value of $2,520,400.00. Following the completion of the transaction, the director now directly owns 92,565 shares of the company’s stock, valued at $11,665,041.30. This represents a 17.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,661 shares of company stock valued at $9,563,127. 1.87% of the stock is currently owned by company insiders.

Institutional Trading of Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. increased its holdings in shares of Pinnacle Financial Partners by 17.9% in the third quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock valued at $18,282,000 after buying an additional 28,327 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Pinnacle Financial Partners during the third quarter worth $3,606,000. Geode Capital Management LLC lifted its holdings in shares of Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after purchasing an additional 8,604 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Pinnacle Financial Partners by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after purchasing an additional 9,856 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Pinnacle Financial Partners by 27.0% in 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. 87.40% of the stock is currently owned by 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.