Pinnacle Financial Partners (NASDAQ:PNFP) PT Raised to $113.00 at Truist Financial

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective upped by investment analysts at Truist Financial from $101.00 to $113.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target would indicate a potential upside of 13.01% from the company’s previous close.

Several other analysts also recently weighed in on the company. Stephens reduced their target price on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a report on Thursday, May 23rd. Citigroup boosted their price objective on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Barclays raised their target price on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. decreased their price target on shares of 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. Finally, Wells Fargo & Company increased their target price on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $100.20.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $99.99 on Friday. The business has a 50 day moving average price of $93.67 and a 200 day moving average price of $85.02. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock has a market cap of $7.72 billion, a price-to-earnings ratio of 14.30 and a beta of 1.05. Pinnacle Financial Partners has a fifty-two week low of $59.66 and a fifty-two week high of $100.76.

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 business had revenue of $366.55 million during the quarter, compared to the consensus estimate of $426.40 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. Equities research analysts anticipate that Pinnacle Financial Partners will post 6.83 earnings per share for the current fiscal year.

Institutional Trading of Pinnacle Financial Partners

Several hedge funds have recently modified their holdings of PNFP. Principal Securities Inc. acquired a new stake in Pinnacle Financial Partners in the fourth quarter valued at $60,000. Norges Bank acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at about $83,461,000. PNC Financial Services Group Inc. boosted its holdings in Pinnacle Financial Partners by 16.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,373 shares of the financial services provider’s stock worth $381,000 after buying an additional 618 shares in the last quarter. Corient Private Wealth LLC increased its holdings in Pinnacle Financial Partners by 10.1% in the fourth quarter. Corient Private Wealth LLC now owns 12,440 shares of the financial services provider’s stock valued at $1,085,000 after buying an additional 1,138 shares in the last quarter. Finally, Assetmark Inc. acquired a new stake in Pinnacle Financial Partners in the fourth quarter valued at $101,000. 87.40% of the stock is owned by institutional investors and hedge funds.

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.