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

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective increased by stock analysts at Citigroup from $123.00 to $132.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Citigroup’s target price suggests a potential upside of 15.39% from the stock’s current price.

Other research analysts also recently issued reports about the company. 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 report on Tuesday, December 3rd. Truist Financial boosted their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Stephens increased their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Hovde Group downgraded 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 report on Monday, November 18th. Finally, UBS Group began coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price for the company. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $119.73.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $114.39 on Tuesday. The firm has a market capitalization of $8.84 billion, a PE ratio of 21.75 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners has a 1 year low of $73.62 and a 1 year high of $131.91. The firm’s fifty day simple moving average is $117.88 and its 200 day simple moving average is $100.77.

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 (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The company had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. During the same period last year, the business posted $1.79 earnings per share. On average, sell-side analysts anticipate that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Insider Activity

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the transaction, the chairman now owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This represents a 28.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David B. Ingram sold 3,610 shares of Pinnacle Financial Partners stock in a transaction on Monday, December 9th. The shares were sold at an average price of $126.07, for a total value of $455,112.70. Following the completion of the sale, the director now directly owns 139,489 shares of the company’s stock, valued at $17,585,378.23. This trade represents a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 76,661 shares of company stock worth $9,563,127. Insiders own 1.87% 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 company. Victory Capital Management Inc. grew its position in shares of Pinnacle Financial Partners by 17.9% during the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock worth $18,282,000 after buying an additional 28,327 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Pinnacle Financial Partners during the 3rd quarter worth $3,606,000. Pier Capital LLC lifted its stake in shares of Pinnacle Financial Partners by 16.5% in the 2nd quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock valued at $8,948,000 after purchasing an additional 15,797 shares during the period. Edgestream Partners L.P. grew its stake in shares of Pinnacle Financial Partners by 1,017.9% during the second quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider’s stock worth $5,688,000 after purchasing an additional 64,707 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Pinnacle Financial Partners by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after purchasing an additional 9,856 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

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.