Pinnacle Financial Partners (NYSE:PNFP) Earns Outperform Rating from Hovde Group

Pinnacle Financial Partners (NYSE:PNFP)‘s stock had its “outperform” rating reaffirmed by investment analysts at Hovde Group in a research report issued on Wednesday, MarketBeat reports. They presently have a $125.00 price target on the stock. Hovde Group’s price objective points to a potential upside of 25.96% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. reduced their price objective on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Robert W. Baird began coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They set an “outperform” rating and a $115.00 target price on the stock. Wells Fargo & Company boosted their price target on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Monday, August 10th. Benchmark increased their price objective on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Finally, Truist Financial raised their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and a consensus price target of $119.68.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $99.24 on Wednesday. Pinnacle Financial Partners has a 12-month low of $81.08 and a 12-month high of $110.33. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The company has a market cap of $7.70 billion, a price-to-earnings ratio of 13.63, a price-to-earnings-growth ratio of 0.40 and a beta of 1.01. The business has a 50 day simple moving average of $102.25.

Pinnacle Financial Partners (NYSE:PNFP) last announced its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.24 billion. On average, equities analysts anticipate that Pinnacle Financial Partners will post 10.17 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Kevin S. Blair acquired 2,565 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were purchased at an average price of $97.48 per share, for a total transaction of $250,036.20. Following the acquisition, the chief executive officer owned 152,397 shares in the company, valued at approximately $14,855,659.56. This represents a 1.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory G. Montana acquired 500 shares of Pinnacle Financial Partners stock in a transaction on Thursday, September 10th. The shares were purchased at an average cost of $98.61 per share, with a total value of $49,305.00. Following the completion of the purchase, the director directly owned 4,959 shares of the company’s stock, valued at approximately $489,006.99. This represents a 11.21% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders acquired 13,078 shares of company stock valued at $1,299,640 and sold 177,228 shares valued at $19,153,713. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

Large investors have recently made changes to their positions in the company. Brown Financial Advisors increased its holdings in shares of Pinnacle Financial Partners by 2.7% in the 2nd quarter. Brown Financial Advisors now owns 4,019 shares of the company’s stock valued at $405,000 after purchasing an additional 105 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Pinnacle Financial Partners by 1.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock worth $704,000 after purchasing an additional 116 shares during the period. Villanova Investment Management Co LLC boosted its holdings in shares of Pinnacle Financial Partners by 0.4% during the fourth quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock worth $2,720,000 after purchasing an additional 118 shares during the period. Simplicity Wealth LLC grew its position in Pinnacle Financial Partners by 1.5% during the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock valued at $789,000 after purchasing an additional 131 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in Pinnacle Financial Partners by 3.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,097 shares of the company’s stock valued at $486,000 after buying an additional 158 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.