Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Cut to $120.00 by Analysts at Hovde Group

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target reduced by research analysts at Hovde Group from $135.00 to $120.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. Hovde Group’s target price would suggest a potential upside of 15.60% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. JPMorgan Chase & Co. decreased their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Stephens reissued an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Wells Fargo & Company raised their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 23rd. Finally, Citigroup boosted their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $123.82.

Pinnacle Financial Partners Trading Down 2.1 %

Shares of PNFP stock opened at $103.81 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 current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The stock has a market cap of $8.03 billion, a price-to-earnings ratio of 17.41 and a beta of 1.09. The stock has a 50-day moving average of $114.04 and a 200-day moving average of $112.53.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. During the same quarter last year, the business earned $1.68 EPS. The company’s revenue was up 19.9% compared to the same quarter last year. On average, equities research analysts forecast that Pinnacle Financial Partners will post 7.85 earnings per share for the current year.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the company’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the transaction, the director now owns 40,991 shares in the company, valued at $5,185,361.50. This represents a 49.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the sale, the director now owns 9,943 shares in the company, valued at $1,009,711.65. The trade was a 23.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 95,350 shares of company stock valued at $11,421,320. 1.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Kapitalo Investimentos Ltda bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $78,000. UMB Bank n.a. increased its position in Pinnacle Financial Partners by 48.1% in the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock worth $84,000 after buying an additional 239 shares during the last quarter. Principal Securities Inc. raised its stake in shares of Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after buying an additional 91 shares during the period. Trust Co. of Vermont purchased a new position in shares of Pinnacle Financial Partners during the 4th quarter valued at $97,000. Finally, Values First Advisors Inc. grew its stake in shares of Pinnacle Financial Partners by 189.9% during the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock worth $167,000 after acquiring an additional 955 shares during the period. 87.40% of the stock is owned by institutional investors.

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.