Pinnacle Financial Partners (NASDAQ:PNFP) Sets New 12-Month High on Better-Than-Expected Earnings

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) shares hit a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $100.90 and last traded at $100.89, with a volume of 25743 shares trading hands. The stock had previously closed at $99.31.

The financial services provider reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The company had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. During the same period in the prior year, the business posted $1.79 EPS.

Analyst Upgrades and Downgrades

A number of analysts recently commented on PNFP shares. Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. Citigroup upped their target price on Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. lowered 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. Barclays upped their price target on Pinnacle Financial Partners from $97.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. Finally, Truist Financial raised their price objective 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. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $102.10.

Hedge Funds Weigh In On Pinnacle Financial Partners

Large investors have recently modified their holdings of the stock. Norden Group LLC bought a new stake in Pinnacle Financial Partners during the 1st quarter valued at about $1,065,000. Jennison Associates LLC increased its position in shares of Pinnacle Financial Partners by 2.4% during the first quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock valued at $94,244,000 after acquiring an additional 26,216 shares in the last quarter. Atria Investments Inc lifted its position in Pinnacle Financial Partners by 40.9% in the 1st quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider’s stock valued at $3,713,000 after acquiring an additional 12,551 shares in the last quarter. Sei Investments Co. boosted its stake in Pinnacle Financial Partners by 34.6% during the 1st quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider’s stock valued at $19,890,000 after purchasing an additional 59,583 shares during the last quarter. Finally, Wasatch Advisors LP boosted its stake in Pinnacle Financial Partners by 41.8% during the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after purchasing an additional 985,694 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 4.9 %

The stock has a fifty day simple moving average of $95.27 and a 200 day simple moving average of $86.79. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market cap of $8.14 billion, a P/E ratio of 15.09 and a beta of 1.05.

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.