Pinnacle Financial Partners (NASDAQ:PNFP) Rating Lowered to “Market Perform” at Hovde Group

Pinnacle Financial Partners (NASDAQ:PNFP) was downgraded by equities researchers at Hovde Group from an “outperform” rating to a “market perform” rating in a report issued on Monday, MarketBeat reports. They currently have a $135.00 price target on the financial services provider’s stock. Hovde Group’s target price suggests a potential upside of 8.88% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the stock. Citigroup upped 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. Stephens upped their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Truist Financial upped 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 report on Monday, October 21st. Finally, Barclays upped their price objective on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus target price of $108.70.

Pinnacle Financial Partners Trading Up 0.5 %

PNFP opened at $123.99 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners has a fifty-two week low of $70.03 and a fifty-two week high of $129.38. The firm has a market capitalization of $9.58 billion, a PE ratio of 23.57 and a beta of 1.04. The company’s 50-day moving average is $102.85 and its 200 day moving average is $91.46.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share 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 company had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same quarter in the prior year, the business posted $1.79 EPS. As a group, research analysts predict that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Institutional Trading of Pinnacle Financial Partners

A number of institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its stake in shares of Pinnacle Financial Partners by 10.4% during 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 buying an additional 292,401 shares in the last quarter. FMR LLC lifted its stake in Pinnacle Financial Partners by 11.6% in the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after purchasing an additional 282,016 shares in the last quarter. Geode Capital Management LLC lifted its stake in Pinnacle Financial Partners by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock worth $130,192,000 after purchasing an additional 8,604 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Pinnacle Financial Partners by 20.5% in the 3rd 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 stake in Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after purchasing an additional 208,938 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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.