Pinnacle Financial Partners (NYSE:PNFP) Price Target Lowered to $121.00 at TD Cowen

Pinnacle Financial Partners (NYSE:PNFP) had its price target cut by equities researchers at TD Cowen from $125.00 to $121.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price target suggests a potential upside of 23.50% from the stock’s previous close.

A number of other research analysts also recently weighed in on PNFP. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Sunday. JPMorgan Chase & Co. increased their target price on Pinnacle Financial Partners from $105.00 to $120.00 and gave the company an “overweight” rating in a report on Friday. Keefe, Bruyette & Woods increased their target price on Pinnacle Financial Partners from $95.00 to $100.00 and gave the company a “market perform” rating in a report on Friday, January 9th. Citigroup increased their target price on Pinnacle Financial Partners from $118.00 to $122.00 and gave the company a “buy” rating in a report on Monday, January 26th. Finally, UBS Group increased their target price on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $113.56.

Pinnacle Financial Partners Price Performance

PNFP traded up $2.14 during midday trading on Monday, hitting $97.98. 788,293 shares of the company traded hands, compared to its average volume of 1,625,565. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $7.60 billion, a P/E ratio of 13.59, a P/E/G ratio of 0.32 and a beta of 1.00. Pinnacle Financial Partners has a 52 week low of $81.08 and a 52 week high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.09. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. As a group, analysts predict that Pinnacle Financial Partners will post 10.29 EPS for the current year.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory bought 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were bought at an average price of $94.52 per share, with a total value of $94,520.00. Following the purchase, the chief financial officer owned 49,485 shares of the company’s stock, valued at $4,677,322.20. This trade represents a 2.06% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several institutional investors have recently added to or reduced their stakes in PNFP. AQR Capital Management LLC lifted its stake in shares of Pinnacle Financial Partners by 63.1% during the 4th quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock worth $508,551,000 after acquiring an additional 2,062,504 shares during the last quarter. State Street Corp lifted its stake in shares of Pinnacle Financial Partners by 5.5% during the 4th quarter. State Street Corp now owns 3,451,939 shares of the company’s stock worth $329,350,000 after acquiring an additional 179,819 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Pinnacle Financial Partners by 42.2% during the 4th quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock worth $292,634,000 after acquiring an additional 910,367 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Pinnacle Financial Partners by 4.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,790,636 shares of the company’s stock worth $266,268,000 after acquiring an additional 110,465 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Pinnacle Financial Partners by 9.6% in the 4th quarter. Invesco Ltd. now owns 2,188,080 shares of the company’s stock worth $208,765,000 after buying an additional 191,292 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.