Pinnacle Financial Partners (NASDAQ:PNFP) PT Raised to $108.00 at Barclays

by · The Markets Daily

Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) had its target price raised by equities researchers at Barclays from $101.00 to $108.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s target price indicates a potential upside of 2.25% from the stock’s previous close.

Several other equities research analysts also recently weighed in on PNFP. Citigroup upped their target price on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Hovde Group upped their price target on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. Wells Fargo & Company downgraded shares of Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 price objective for the company. in a research report on Tuesday, October 1st. Piper Sandler cut shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $106.00.

View Our Latest Stock Report on PNFP

Pinnacle Financial Partners Stock Down 0.7 %

Shares of NASDAQ:PNFP opened at $105.62 on Thursday. The stock has a 50-day simple moving average of $96.03 and a 200-day simple moving average of $87.08. The stock has a market capitalization of $8.16 billion, a P/E ratio of 20.75 and a beta of 1.05. Pinnacle Financial Partners has a 1 year low of $59.66 and a 1 year high of $107.13. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. During the same quarter in the prior year, the business earned $1.79 earnings per share. Equities analysts forecast that Pinnacle Financial Partners will post 6.77 earnings per share for the current year.

Institutional Trading of Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norden Group LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter worth approximately $1,065,000. Jennison Associates LLC lifted its stake in Pinnacle Financial Partners by 2.4% during the first quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock worth $94,244,000 after purchasing an additional 26,216 shares during the last quarter. Atria Investments Inc boosted its holdings in Pinnacle Financial Partners by 40.9% in the first quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider’s stock worth $3,713,000 after purchasing an additional 12,551 shares during the period. Sei Investments Co. increased its stake in Pinnacle Financial Partners by 34.6% during the first quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider’s stock valued at $19,890,000 after purchasing an additional 59,583 shares during the last quarter. Finally, Wasatch Advisors LP raised its holdings in shares of Pinnacle Financial Partners by 41.8% during the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after purchasing an additional 985,694 shares during the period. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Company Profile

(Get Free Report)

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.

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