Pinnacle Financial Partners (NASDAQ:PNFP) Stock Rating Lowered by Wells Fargo & Company

Pinnacle Financial Partners (NASDAQ:PNFP) was downgraded by investment analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report issued on Tuesday, MarketBeat.com reports. They currently have a $100.00 price objective on the financial services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 7.07% from the company’s current price.

A number of other analysts also recently issued reports on the stock. Barclays increased their price target on shares of Pinnacle Financial Partners from $97.00 to $101.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. JPMorgan Chase & Co. lowered their price target on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a report on Thursday, June 27th. Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $95.00 to $98.00 in a report on Thursday, July 18th. Truist Financial increased their price objective on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a report on Friday, September 20th. Finally, Hovde Group increased their price objective on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, September 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $102.10.

Pinnacle Financial Partners Stock Up 0.2 %

NASDAQ:PNFP opened at $93.40 on Tuesday. The firm has a market capitalization of $7.21 billion, a P/E ratio of 13.36 and a beta of 1.05. Pinnacle Financial Partners has a 1-year low of $59.66 and a 1-year high of $100.76. The company’s fifty day moving average price is $94.16 and its 200-day moving average price is $85.80. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.03. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The firm had revenue of $366.55 million for the quarter, compared to the consensus estimate of $426.40 million. As a group, equities research analysts anticipate that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Pinnacle Financial Partners by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock worth $624,598,000 after buying an additional 63,477 shares in the last quarter. Wasatch Advisors LP increased its position in Pinnacle Financial Partners by 41.8% during the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after purchasing an additional 985,694 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Pinnacle Financial Partners by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock worth $247,673,000 after purchasing an additional 292,401 shares during the last quarter. Jennison Associates LLC increased its position in 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 worth $94,244,000 after purchasing an additional 26,216 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Pinnacle Financial Partners by 1.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 900,251 shares of the financial services provider’s stock worth $78,520,000 after purchasing an additional 15,203 shares during the last quarter. 87.40% of the stock is 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.