Wells Fargo & Company Increases Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $125.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target increased by equities research analysts at Wells Fargo & Company from $120.00 to $125.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 2.43% from the stock’s current price.

Several other equities analysts also recently weighed in on PNFP. Stephens reiterated an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. UBS Group assumed coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective on the stock. Truist Financial raised their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $125.18.

Pinnacle Financial Partners Stock Performance

PNFP opened at $122.04 on Thursday. Pinnacle Financial Partners has a 52-week low of $73.62 and a 52-week high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The company has a market cap of $9.43 billion, a P/E ratio of 20.41 and a beta of 1.09. The firm’s 50-day moving average price is $119.40 and its 200-day moving average price is $104.77.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.12%. The company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470,334.57 billion. During the same quarter in the prior year, the company earned $1.68 EPS. Pinnacle Financial Partners’s quarterly revenue was up 19.9% on a year-over-year basis. As a group, equities analysts anticipate that Pinnacle Financial Partners will post 7.56 EPS for the current fiscal year.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares in the company, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David B. Ingram sold 3,610 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $126.07, for a total value of $455,112.70. Following the completion of the transaction, the director now owns 139,489 shares in the company, valued at $17,585,378.23. The trade was a 2.52 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,661 shares of company stock worth $9,563,127. Corporate insiders own 1.87% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Ashton Thomas Securities LLC purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth $30,000. UMB Bank n.a. raised its holdings in shares of Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 226 shares during the period. Values First Advisors Inc. purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth $49,000. Quarry LP increased its position in shares of Pinnacle Financial Partners by 3,500.0% during the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 735 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth about $70,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

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.