Pinnacle Financial Partners (NASDAQ:PNFP) PT Raised to $119.00 at Truist Financial

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target lifted by equities researchers at Truist Financial from $113.00 to $119.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective points to a potential upside of 15.82% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Citigroup boosted their target price on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Hovde Group boosted their target price on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Wells Fargo & Company boosted their target price on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Finally, Stephens boosted their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $106.60.

Pinnacle Financial Partners Trading Up 1.0 %

NASDAQ:PNFP opened at $102.75 on Monday. The company has a market capitalization of $7.94 billion, a PE ratio of 19.53 and a beta of 1.05. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners has a 52-week low of $59.66 and a 52-week high of $107.13. The stock has a fifty day simple moving average of $96.59 and a 200-day simple moving average of $87.44.

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 the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The business had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same quarter in the previous year, the company posted $1.79 EPS. On average, equities research analysts expect that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PNFP. Vanguard Group Inc. increased its position in Pinnacle Financial Partners by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock worth $624,598,000 after purchasing an additional 63,477 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Pinnacle Financial Partners by 16.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,373 shares of the financial services provider’s stock worth $381,000 after purchasing an additional 618 shares in the last quarter. Mather Group LLC. acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter valued at $65,000. Park Avenue Securities LLC boosted its position in Pinnacle Financial Partners by 2.5% during the 1st quarter. Park Avenue Securities LLC now owns 9,988 shares of the financial services provider’s stock worth $858,000 after purchasing an additional 239 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Pinnacle Financial Partners by 35.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 16,875 shares of the financial services provider’s stock worth $1,449,000 after purchasing an additional 4,371 shares during the period. Institutional investors and hedge funds 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.