Pinnacle Financial Partners (NASDAQ:PNFP) Upgraded to “Overweight” at Barclays

Pinnacle Financial Partners (NASDAQ:PNFP) was upgraded by stock analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Thursday,Briefing.com Automated Import reports. The firm currently has a $135.00 price target on the financial services provider’s stock, up from their prior price target of $120.00. Barclays‘s price objective would suggest a potential upside of 21.57% from the stock’s previous close.

A number of other research analysts have also issued reports on the company. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a report on Monday, November 18th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Stephens raised their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Citigroup boosted their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Finally, UBS Group assumed coverage on shares of Pinnacle Financial Partners in a research report on Tuesday. They issued a “neutral” rating and a $133.00 price objective for the company. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $118.91.

Pinnacle Financial Partners Trading Down 5.1 %

Shares of Pinnacle Financial Partners stock opened at $111.05 on Thursday. 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 $8.58 billion, a P/E ratio of 21.11 and a beta of 1.08. Pinnacle Financial Partners has a 1 year low of $73.62 and a 1 year high of $131.91. The company’s fifty day moving average is $115.47 and its two-hundred day moving average is $98.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results 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. The firm had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same quarter last year, the company posted $1.79 earnings per share. Analysts forecast that Pinnacle Financial Partners will post 6.8 earnings per share for the current year.

Insider Transactions at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 20,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $126.02, for a total value of $2,520,400.00. Following the sale, the director now directly owns 92,565 shares in the company, valued at $11,665,041.30. The trade was a 17.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares of the company’s stock, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,661 shares of company stock valued at $9,563,127 in the last quarter. 1.87% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently bought and sold shares of PNFP. Ashton Thomas Securities LLC acquired a new position in shares of Pinnacle Financial Partners in the third quarter worth $30,000. International Assets Investment Management LLC purchased a new stake in Pinnacle Financial Partners during the 2nd quarter worth about $29,000. UMB Bank n.a. raised its stake in Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. purchased a new position in Pinnacle Financial Partners in the 3rd quarter valued at about $49,000. 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.