Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Raised to $120.00 at Truist

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price raised by equities researchers at Truist from $105.00 to $120.00 in a research report issued on Thursday, The Fly reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist’s price objective suggests a potential upside of 17.46% from the company’s current price. The analysts noted that the move was a valuation call.

Several other equities analysts have also recently issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday. Zacks Investment Research lowered shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research report on Friday, October 1st. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $101.13.

PNFP stock traded up $0.41 during mid-day trading on Thursday, hitting $102.16. 4,968 shares of the company were exchanged, compared to its average volume of 377,754. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $7.78 billion, a P/E ratio of 16.63 and a beta of 1.39. The business has a fifty day simple moving average of $94.60 and a 200-day simple moving average of $91.05. Pinnacle Financial Partners has a 12-month low of $37.77 and a 12-month high of $103.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Monday, October 11th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.20. Pinnacle Financial Partners had a net margin of 34.35% and a return on equity of 10.35%. The company had revenue of $341.64 million during the quarter, compared to the consensus estimate of $328.81 million. During the same quarter in the previous year, the firm earned $1.45 earnings per share. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. Research analysts predict that Pinnacle Financial Partners will post 6.35 EPS for the current year.

In related news, CAO Hugh M. Queener sold 843 shares of Pinnacle Financial Partners stock in a transaction dated Wednesday, September 1st. The stock was sold at an average price of $95.41, for a total value of $80,430.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO M Terry Turner sold 79,340 shares of Pinnacle Financial Partners stock in a transaction dated Monday, September 13th. The stock was sold at an average price of $94.27, for a total value of $7,479,381.80. Following the completion of the sale, the chief executive officer now owns 172,457 shares of the company’s stock, valued at $16,257,521.39. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Koshinski Asset Management Inc. acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at approximately $44,000. Harvest Fund Management Co. Ltd acquired a new position in Pinnacle Financial Partners in the 1st quarter valued at $46,000. Berman Capital Advisors LLC grew its holdings in shares of Pinnacle Financial Partners by 37.6% during the 3rd quarter. Berman Capital Advisors LLC now owns 534 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 146 shares in the last quarter. Red Door Wealth Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth $56,000. Finally, Arkadios Wealth Advisors acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth $58,000. Institutional investors and hedge funds own 80.67% of the company’s stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.

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