Pinnacle Financial Partners (NASDAQ:PNFP) Given New $120.00 Price Target at Wells Fargo & Company

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price lifted by research analysts at Wells Fargo & Company from $104.00 to $120.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential downside of 4.91% from the stock’s previous close.

A number of other analysts have also recently weighed in on PNFP. Citigroup boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Barclays raised 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, October 17th. Stephens boosted their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target for the company. in a research report on Monday, November 18th. Finally, Truist Financial raised their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $110.30.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock traded up $1.03 during mid-day trading on Tuesday, reaching $126.19. The company’s stock had a trading volume of 7,682 shares, compared to its average volume of 469,585. Pinnacle Financial Partners has a 12-month low of $73.62 and a 12-month high of $131.91. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $9.75 billion, a P/E ratio of 23.79 and a beta of 1.08. The firm’s fifty day moving average price is $109.45 and its two-hundred day moving average price is $94.83.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The firm had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. During the same period in the prior year, the company posted $1.79 earnings per share. Sell-side analysts predict that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several institutional investors have recently added to or reduced their stakes in PNFP. Dimensional Fund Advisors LP raised its holdings in shares of Pinnacle Financial Partners by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after acquiring an additional 292,401 shares in the last quarter. FMR LLC lifted its position in shares of Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after acquiring an additional 282,016 shares in the last quarter. Geode Capital Management LLC increased its stake in Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock worth $130,192,000 after acquiring an additional 8,604 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Pinnacle Financial Partners by 20.5% in the third quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock worth $99,443,000 after purchasing an additional 172,750 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.

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.