Truist Financial Increases Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $119.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective upped by investment analysts at Truist Financial from $113.00 to $119.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s target price points to a potential upside of 14.48% from the company’s previous close.

Other analysts have also issued research reports about the company. Stephens upped their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday. Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Citigroup upped their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday. Hovde Group upped their price objective on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Finally, 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 report on Thursday, June 27th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $106.60.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP traded down $1.67 on Monday, hitting $103.95. The company’s stock had a trading volume of 96,019 shares, compared to its average volume of 467,968. Pinnacle Financial Partners has a 12 month low of $59.66 and a 12 month high of $107.13. The company has a market capitalization of $8.03 billion, a price-to-earnings ratio of 14.89 and a beta of 1.05. The stock’s 50-day moving average is $96.03 and its two-hundred day moving average is $87.15. 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) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.07. The business had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. During the same quarter in the prior year, the firm posted $1.79 earnings per share. On average, equities research analysts forecast that Pinnacle Financial Partners will post 6.77 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Blue Trust Inc. raised its position in Pinnacle Financial Partners by 10.6% during the third quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock valued at $129,000 after buying an additional 126 shares during the period. Versant Capital Management Inc raised its position 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 valued at $35,000 after buying an additional 133 shares during the period. GAMMA Investing LLC raised its position in Pinnacle Financial Partners by 16.5% during the third quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock valued at $97,000 after buying an additional 141 shares during the period. CANADA LIFE ASSURANCE Co raised its position in Pinnacle Financial Partners by 0.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 57,459 shares of the financial services provider’s stock valued at $4,930,000 after buying an additional 152 shares during the period. Finally, Duncan Williams Asset Management LLC raised its position in Pinnacle Financial Partners by 1.5% during the third quarter. Duncan Williams Asset Management LLC now owns 12,828 shares of the financial services provider’s stock valued at $1,257,000 after buying an additional 195 shares during the period. 87.40% of the stock is 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.