Pinnacle Financial Partners (NYSE:PNFP) Receives “Outperform” Rating from Hovde Group

by · The Cerbat Gem

Pinnacle Financial Partners (NYSE:PNFP – Get Free Report)‘s stock had its “outperform” rating reiterated by investment analysts at Hovde Group in a research note issued on Wednesday, Marketbeat reports. They presently have a $125.00 price objective on the stock. Hovde Group’s price target points to a potential upside of 25.96% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. Citigroup increased their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. DA Davidson lifted their target price on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Evercore reissued an “outperform” rating and issued a $120.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Benchmark increased their price target on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Finally, Piper Sandler raised their price target on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.68.

Check Out Our Latest Research Report on Pinnacle Financial Partners

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $99.24 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. Pinnacle Financial Partners has a fifty-two week low of $81.08 and a fifty-two week high of $110.33. The business has a 50-day moving average price of $102.25. The firm has a market cap of $7.70 billion, a price-to-earnings ratio of 13.63, a P/E/G ratio of 0.40 and a beta of 1.01.

Pinnacle Financial Partners (NYSE:PNFP – Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. As a group, research analysts expect that Pinnacle Financial Partners will post 10.17 EPS for the current year.

Insider Activity

In other news, CEO Kevin S. Blair purchased 2,565 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was bought at an average cost of $97.48 per share, for a total transaction of $250,036.20. Following the completion of the acquisition, the chief executive officer directly owned 152,397 shares of the company’s stock, valued at approximately $14,855,659.56. The trade was a 1.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the stock in a transaction dated Friday, July 24th. The stock was acquired at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the transaction, the insider owned 324,233 shares of the company’s stock, valued at $32,390,876.70. The trade was a 3.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders acquired 13,078 shares of company stock valued at $1,299,640 and sold 177,228 shares valued at $19,153,713. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Pinnacle Financial Partners during the second quarter worth approximately $1,704,708,000. Wellington Management Group LLP grew its stake in shares of Pinnacle Financial Partners by 22.1% in the second quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company’s stock worth $1,123,944,000 after acquiring an additional 2,016,827 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Pinnacle Financial Partners by 80.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after acquiring an additional 2,244,659 shares during the period. Geode Capital Management LLC increased its position in Pinnacle Financial Partners by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 1,576,459 shares of the company’s stock worth $153,680,000 after acquiring an additional 103,841 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in Pinnacle Financial Partners during the 2nd quarter valued at $133,031,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

(Get Free Report)

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.

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