Wells Fargo & Company Forecasts Strong Price Appreciation for Pinnacle Financial Partners (NASDAQ:PNFP) Stock

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective upped by equities researchers at Wells Fargo & Company from $104.00 to $120.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 3.61% from the company’s previous close.

PNFP has been the topic of several other research reports. Truist Financial increased their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a research note on Monday, November 18th. 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 report on Thursday, October 17th. Barclays upped their price target on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Finally, Citigroup raised their price objective 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. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus price target of $112.55.

Pinnacle Financial Partners Stock Performance

PNFP opened at $124.50 on Tuesday. The stock has a market capitalization of $9.62 billion, a price-to-earnings ratio of 23.67 and a beta of 1.08. Pinnacle Financial Partners has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. 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 fifty day moving average of $110.56 and a 200 day moving average of $95.33.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The company had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter in the previous year, the business posted $1.79 earnings per share. As a group, sell-side analysts forecast 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. Sanctuary Advisors LLC lifted its position in Pinnacle Financial Partners by 585.1% during the third quarter. Sanctuary Advisors LLC now owns 27,465 shares of the financial services provider’s stock valued at $2,691,000 after acquiring an additional 23,456 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Pinnacle Financial Partners by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after purchasing an additional 8,604 shares during the last quarter. Barclays PLC boosted its position in shares of Pinnacle Financial Partners by 117.0% in the 3rd quarter. Barclays PLC now owns 167,838 shares of the financial services provider’s stock worth $16,442,000 after purchasing an additional 90,478 shares in the last quarter. Pier Capital LLC boosted its position in shares of Pinnacle Financial Partners by 0.4% in the 3rd quarter. Pier Capital LLC now owns 112,242 shares of the financial services provider’s stock worth $10,996,000 after purchasing an additional 445 shares in the last quarter. Finally, Systematic Financial Management LP purchased a new position in Pinnacle Financial Partners during the 3rd quarter worth $261,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

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.