Pinnacle Financial Partners (NASDAQ:PNFP) Earns “Market Perform” Rating from Keefe, Bruyette & Woods

Pinnacle Financial Partners (NASDAQ:PNFP)‘s stock had its “market perform” rating restated by Keefe, Bruyette & Woods in a note issued to investors on Wednesday, MarketBeat reports. They presently have a $135.00 price objective on the financial services provider’s stock, up from their previous price objective of $115.00. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 8.37% from the company’s current price.

Other analysts also recently issued reports about the company. 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. Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Barclays upped their target price on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a research note on Monday, November 18th. Finally, Stephens upped their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $113.64.

Pinnacle Financial Partners Stock Performance

PNFP opened at $124.57 on Wednesday. Pinnacle Financial Partners has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The stock’s 50 day simple moving average is $111.12 and its 200 day simple moving average is $95.53. The stock has a market cap of $9.62 billion, a P/E ratio of 23.68 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The company had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same quarter in the prior year, the company posted $1.79 EPS. As a group, equities analysts anticipate that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Pinnacle Financial Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in Pinnacle Financial Partners during the third quarter valued at approximately $30,000. International Assets Investment Management LLC purchased a new stake in shares of Pinnacle Financial Partners during the second quarter worth $29,000. UMB Bank n.a. boosted its position in Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. purchased a new position in Pinnacle Financial Partners in the third quarter valued at about $49,000. Finally, Brooklyn Investment Group acquired a new position in Pinnacle Financial Partners in the 3rd quarter worth about $70,000. Institutional investors and hedge funds 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.