Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Increased to $123.00 by Analysts at Citigroup

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target upped by equities researchers at Citigroup from $113.00 to $123.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Citigroup’s target price would suggest a potential upside of 15.37% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Piper Sandler cut shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $95.00 to $98.00 in a research report on Thursday, July 18th. Hovde Group boosted their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Barclays upped their price objective on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research note on Thursday. Wells Fargo & Company increased their target price on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a report on Thursday, June 27th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $106.00.

Pinnacle Financial Partners Stock Up 1.1 %

PNFP traded up $1.14 during trading on Thursday, reaching $106.61. The company had a trading volume of 349,890 shares, compared to its average volume of 468,865. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners has a 12 month low of $59.66 and a 12 month high of $107.13. The business’s fifty day moving average price is $95.27 and its 200 day moving average price is $86.79. The company has a market cap of $8.23 billion, a P/E ratio of 15.25 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The business had revenue of $810.11 million for the quarter, compared to the consensus estimate 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 period in the previous year, the company earned $1.79 earnings per share. Equities analysts anticipate that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Institutional Trading of Pinnacle Financial Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rise Advisors LLC purchased a new position in Pinnacle Financial Partners during the 1st quarter valued at approximately $26,000. International Assets Investment Management LLC purchased a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth approximately $29,000. Versant Capital Management Inc boosted its holdings in shares of Pinnacle Financial Partners by 44.5% in the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 133 shares during the period. UMB Bank n.a. boosted its holdings in shares of Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares during the period. Finally, Mather Group LLC. purchased a new position in shares of Pinnacle Financial Partners in the 1st quarter worth approximately $65,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

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.