Truist Financial Raises Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $113.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target increased by analysts at Truist Financial from $101.00 to $113.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective points to a potential upside of 13.51% from the stock’s previous close.

PNFP has been the subject of several other research reports. Stephens reduced their price objective on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. Barclays boosted their price target on 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. Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $95.00 to $98.00 in a research report on Thursday, July 18th. Citigroup lifted their target price on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, 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 report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $100.20.

Pinnacle Financial Partners Stock Down 1.0 %

PNFP traded down $1.01 during trading on Friday, reaching $99.55. 228,185 shares of the stock traded hands, compared to its average volume of 450,807. The stock’s 50-day simple moving average is $93.38 and its two-hundred day simple moving average is $84.89. 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 has a fifty-two week low of $59.66 and a fifty-two week high of $100.76. The stock has a market cap of $7.69 billion, a price-to-earnings ratio of 14.24 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, beating the consensus estimate of $1.60 by $0.03. The business had revenue of $366.55 million during the quarter, compared to analysts’ expectations of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. As a group, equities research analysts expect that Pinnacle Financial Partners will post 6.83 EPS for the current year.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors have recently made changes to their positions in the business. Rise Advisors LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter worth approximately $26,000. International Assets Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners in the 2nd quarter valued at $29,000. Versant Capital Management Inc grew its holdings in shares of Pinnacle Financial Partners by 44.5% in the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 133 shares during the last quarter. ICA Group Wealth Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth about $44,000. Finally, Principal Securities Inc. acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth about $60,000. 87.40% of the stock is currently 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.