Citigroup Issues Positive Forecast for Pinnacle Financial Partners (NASDAQ:PNFP) Stock Price

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective increased by investment analysts at Citigroup from $126.00 to $134.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Citigroup’s price target indicates a potential upside of 13.72% from the company’s current price.

Other research analysts also recently issued reports about the company. Truist Financial initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, May 13th. They issued a “buy” rating and a $123.00 price objective on the stock. Keefe, Bruyette & Woods decreased their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating on the stock in a report on Thursday, April 17th. JPMorgan Chase & Co. boosted their price target on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday. Wells Fargo & Company cut their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. Finally, Hovde Group upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 target price for the company in a research report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $122.36.

Pinnacle Financial Partners Trading Up 0.7%

Shares of PNFP stock opened at $117.83 on Wednesday. The stock has a 50-day simple moving average of $106.99 and a 200 day simple moving average of $109.17. Pinnacle Financial Partners has a fifty-two week low of $76.75 and a fifty-two week high of $131.91. The stock has a market capitalization of $9.14 billion, a P/E ratio of 19.07 and a beta of 1.01. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.29% and a net margin of 15.98%. The business had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. During the same quarter last year, the company posted $1.53 EPS. On average, sell-side analysts expect that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of large investors have recently added to or reduced their stakes in PNFP. Sage Mountain Advisors LLC boosted its holdings in shares of Pinnacle Financial Partners by 0.3% in the 4th quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider’s stock valued at $4,141,000 after purchasing an additional 99 shares in the last quarter. Utah Retirement Systems lifted its holdings in Pinnacle Financial Partners by 2.5% during the 4th quarter. Utah Retirement Systems now owns 4,090 shares of the financial services provider’s stock worth $468,000 after buying an additional 100 shares during the period. KLP Kapitalforvaltning AS lifted its stake in shares of Pinnacle Financial Partners by 0.6% in the 1st quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider’s stock valued at $1,675,000 after purchasing an additional 100 shares during the period. Brooklyn Investment Group increased its position in Pinnacle Financial Partners by 15.3% in the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider’s stock valued at $88,000 after buying an additional 110 shares in the last quarter. Finally, Cahaba Wealth Management Inc. increased its position in Pinnacle Financial Partners by 1.7% in the 4th quarter. Cahaba Wealth Management Inc. now owns 6,625 shares of the financial services provider’s stock valued at $758,000 after buying an additional 113 shares in the last quarter. 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.