Pinnacle Financial Partners (NASDAQ:PNFP) Reaches New 52-Week High – Should You Buy?

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $100.90 and last traded at $100.89, with a volume of 25743 shares changing hands. The stock had previously closed at $99.31.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Barclays boosted their target price on shares of Pinnacle Financial Partners from $97.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Friday, September 27th. Wells Fargo & Company lowered shares of Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 price objective on the stock. in a report on Tuesday, October 1st. JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research note on Thursday, June 27th. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. Finally, Citigroup increased their price objective on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average price target of $102.10.

Pinnacle Financial Partners Trading Up 2.8 %

The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The company has a fifty day moving average price of $94.55 and a two-hundred day moving average price of $86.55. The firm has a market capitalization of $7.89 billion, a price-to-earnings ratio of 14.21 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.03. The firm had revenue of $366.55 million for the quarter, compared to the consensus estimate of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. As a group, research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pinnacle Financial Partners

Hedge funds and other institutional investors have recently bought and sold shares of the company. Rise Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners in the 1st quarter valued at approximately $26,000. International Assets Investment Management LLC purchased a new position in Pinnacle Financial Partners in the second quarter worth approximately $29,000. Versant Capital Management Inc increased its stake in Pinnacle Financial Partners by 44.5% during the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 133 shares during the last quarter. UMB Bank n.a. lifted its stake 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 valued at $49,000 after purchasing an additional 226 shares during the last quarter. Finally, Mather Group LLC. acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at $65,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

About Pinnacle Financial Partners

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.