Pinnacle Financial Partners (NYSE:PNFP) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Pinnacle Financial Partners (NYSE:PNFP) had its price objective increased by research analysts at Morgan Stanley from $139.00 to $140.00 in a research report issued on Friday, Marketbeat.com reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley‘s price objective suggests a potential upside of 39.38% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Stephens set a $112.00 price target on Pinnacle Financial Partners in a report on Monday, July 27th. Truist Financial decreased their price target on Pinnacle Financial Partners from $118.00 to $112.00 and set a “buy” rating for the company in a research note on Friday, October 9th. TD Cowen dropped their price objective on Pinnacle Financial Partners from $119.00 to $115.00 and set a “buy” rating for the company in a report on Monday, October 5th. Piper Sandler upped their price objective on Pinnacle Financial Partners from $123.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 2nd. Finally, Hovde Group started coverage on Pinnacle Financial Partners in a research note on Wednesday, September 16th. They issued an “outperform” rating and a $125.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and a consensus price target of $118.79.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $100.44 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. Pinnacle Financial Partners has a 1-year low of $81.08 and a 1-year high of $110.33. The firm has a market capitalization of $7.79 billion, a P/E ratio of 13.80, a price-to-earnings-growth ratio of 0.40 and a beta of 1.03. The company’s 50-day moving average is $97.96 and its 200 day moving average is $98.26.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data on Wednesday, October 21st. The company reported $2.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.07. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.88%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Research analysts forecast that Pinnacle Financial Partners will post 10.20 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Kevin Blair bought 2,565 shares of Pinnacle Financial Partners stock in a transaction dated Tuesday, September 1st. The shares were acquired at an average cost of $97.48 per share, with a total value of $250,036.20. Following the completion of the transaction, the chief executive officer owned 152,397 shares in the company, valued at $14,855,659.56. The trade was a 1.71% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory Montana purchased 500 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were bought at an average cost of $98.61 per share, with a total value of $49,305.00. Following the purchase, the director directly owned 4,959 shares of the company’s stock, valued at approximately $489,006.99. This represents a 11.21% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold 177,228 shares of company stock worth $19,153,713 in the last three months. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Tectonic Advisors LLC raised its stake in Pinnacle Financial Partners by 44.0% in the third quarter. Tectonic Advisors LLC now owns 115,947 shares of the company’s stock worth $10,854,000 after buying an additional 35,453 shares in the last quarter. Inspire Investing LLC lifted its holdings in Pinnacle Financial Partners by 2.3% during the third quarter. Inspire Investing LLC now owns 8,246 shares of the company’s stock worth $772,000 after buying an additional 188 shares during the period. Root Financial Partners LLC bought a new stake in Pinnacle Financial Partners during the 3rd quarter valued at $42,000. Crossmark Global Holdings Inc. boosted its position in Pinnacle Financial Partners by 4.7% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 7,245 shares of the company’s stock valued at $678,000 after acquiring an additional 323 shares in the last quarter. Finally, Sowell Financial Services LLC boosted its position in Pinnacle Financial Partners by 105.5% during the 3rd quarter. Sowell Financial Services LLC now owns 23,174 shares of the company’s stock valued at $2,169,000 after acquiring an additional 11,896 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

About Pinnacle Financial Partners

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

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.