Pinnacle Financial Partners (NYSE:PNFP) Stock Gets Price Target Increase from Piper Sandler

Pinnacle Financial Partners (NYSE:PNFP) had its price objective upped by investment analysts at Piper Sandler from $125.00 to $127.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler‘s price target points to a potential upside of 25.39% from the company’s previous close.

Other analysts have also recently issued research reports about the company. Robert W. Baird lifted their price target on Pinnacle Financial Partners from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Friday. DA Davidson upped their price objective on shares of Pinnacle Financial Partners from $112.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday. Weiss Ratings raised shares of Pinnacle Financial Partners from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. JPMorgan Chase & Co. raised their price target on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Truist Financial lowered their price target on shares of Pinnacle Financial Partners from $118.00 to $112.00 and set a “buy” rating on the stock in a research report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $119.75.

Pinnacle Financial Partners Stock Performance

NYSE PNFP opened at $101.29 on Monday. The business has a 50-day moving average price of $97.81 and a 200-day moving average price of $98.35. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.73. Pinnacle Financial Partners has a twelve month low of $81.08 and a twelve month high of $110.33. The firm has a market cap of $7.86 billion, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 0.40 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last issued its earnings results on Wednesday, October 21st. The company reported $2.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.07. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Pinnacle Financial Partners had a return on equity of 11.33% and a net margin of 15.97%. As a group, equities research analysts predict that Pinnacle Financial Partners will post 10.22 EPS for the current fiscal year.

Insider Transactions at Pinnacle Financial Partners

In other news, CEO Kevin S. Blair bought 2,565 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was purchased at an average price of $97.48 per share, with a total value of $250,036.20. Following the purchase, the chief executive officer owned 152,397 shares of the company’s stock, valued at $14,855,659.56. This trade represents a 1.71% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, insider M. Turner sold 54,107 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the completion of the transaction, the insider directly owned 248,123 shares of the company’s stock, valued at approximately $26,829,539.99. This represents a 17.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 177,228 shares of company stock valued at $19,153,713 in the last quarter. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Hedge funds and other institutional investors have recently made changes to their positions in the business. Resources Management Corp CT ADV purchased a new position in Pinnacle Financial Partners during the first quarter worth about $26,000. Annis Gardner Whiting Capital Advisors LLC increased its stake in Pinnacle Financial Partners by 97.7% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock worth $30,000 after acquiring an additional 173 shares during the last quarter. Basecamp Wealth Advisors LLC raised its holdings in shares of Pinnacle Financial Partners by 112.2% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 399 shares of the company’s stock worth $34,000 after purchasing an additional 211 shares during the period. Leonteq Securities AG purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth about $38,000. Finally, Root Financial Partners LLC purchased a new position in Pinnacle Financial Partners in the third quarter valued at approximately $42,000. Hedge funds and other institutional investors 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 primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.