Pinnacle Financial Partners (NASDAQ:PNFP) PT Raised to $101.00 at Barclays

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target raised by research analysts at Barclays from $97.00 to $101.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s target price indicates a potential upside of 4.48% from the stock’s previous close.

Other research analysts have also issued reports about the company. Citigroup lifted their target price on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. cut their target price on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. Truist Financial boosted their price target on Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Hovde Group lifted 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. Finally, Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners has an average rating of “Hold” and an average price target of $102.10.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock opened at $96.67 on Friday. Pinnacle Financial Partners has a 12 month low of $59.66 and a 12 month high of $100.76. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $7.47 billion, a P/E ratio of 13.83 and a beta of 1.05. The business has a 50 day simple moving average of $94.18 and a two-hundred day simple moving average of $85.48.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.03. The company had revenue of $366.55 million during the quarter, compared to analyst estimates 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, analysts predict that Pinnacle Financial Partners will post 6.81 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Rise Advisors LLC bought a new stake in Pinnacle Financial Partners during the first quarter valued at about $26,000. International Assets Investment Management LLC bought a new position in Pinnacle Financial Partners during the second quarter worth about $29,000. Versant Capital Management Inc lifted 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 purchasing an additional 133 shares during the period. ICA Group Wealth Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth approximately $44,000. Finally, Mather Group LLC. acquired a new stake in shares of Pinnacle Financial Partners during the first quarter worth approximately $65,000. 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.