Pinnacle Financial Partners (NYSE:PNFP) Price Target Raised to $112.00

Pinnacle Financial Partners (NYSE:PNFP) had its price objective boosted by DA Davidson from $109.00 to $112.00 in a research note published on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other research analysts also recently issued research reports about the company. Citigroup raised their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. Piper Sandler upped their target price on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a report on Friday. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a research note on Friday. TD Cowen cut their price target on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Finally, Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $116.76.

Pinnacle Financial Partners Stock Down 0.1%

PNFP stock opened at $102.53 on Friday. The stock’s 50 day simple moving average is $97.90. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The stock has a market capitalization of $7.95 billion, a PE ratio of 14.08, a price-to-earnings-growth ratio of 0.41 and a beta of 1.04. Pinnacle Financial Partners has a fifty-two week low of $81.08 and a fifty-two week high of $107.00.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.46 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. As a group, sell-side analysts anticipate that Pinnacle Financial Partners will post 10.18 EPS for the current year.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its holdings in Pinnacle Financial Partners by 6.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock valued at $69,060,000 after purchasing an additional 37,989 shares during the period. Focus Partners Wealth lifted its position in Pinnacle Financial Partners by 13.9% during the first quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock valued at $504,000 after purchasing an additional 581 shares during the period. Amundi boosted its stake in shares of Pinnacle Financial Partners by 25,700.0% in the second quarter. Amundi now owns 4,386 shares of the company’s stock worth $513,000 after buying an additional 4,369 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $229,000. Finally, Cerity Partners LLC raised its position in shares of Pinnacle Financial Partners by 4.2% in the second quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock worth $2,877,000 after acquiring an additional 1,039 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

About Pinnacle Financial Partners

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.