Pinnacle Financial Partners (NYSE:PNFP) Given New $130.00 Price Target at Barclays

Pinnacle Financial Partners (NYSE:PNFP) had its price objective cut by investment analysts at Barclays from $135.00 to $130.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target points to a potential upside of 47.41% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft set a $116.00 price target on Pinnacle Financial Partners and gave the company a “buy” rating in a research note on Wednesday, January 21st. DA Davidson assumed coverage on Pinnacle Financial Partners in a research note on Monday, January 5th. They issued a “neutral” rating and a $110.00 price target for the company. Bank of America assumed coverage on Pinnacle Financial Partners in a research note on Monday, December 8th. They issued a “buy” rating and a $113.00 price target for the company. Truist Financial set a $100.00 price target on Pinnacle Financial Partners in a research note on Friday, January 9th. Finally, Royal Bank Of Canada raised Pinnacle Financial Partners to a “moderate buy” rating in a research note on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $112.18.

Pinnacle Financial Partners Stock Down 0.0%

Shares of PNFP traded down $0.04 during midday trading on Tuesday, reaching $88.19. 755,531 shares of the stock were exchanged, compared to its average volume of 1,656,530. Pinnacle Financial Partners has a twelve month low of $81.08 and a twelve month high of $120.46. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market capitalization of $6.84 billion, a P/E ratio of 10.90, a P/E/G ratio of 0.40 and a beta of 1.00.

Insider Activity

In related news, CFO Andrew J. Jr. Gregory purchased 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were bought at an average cost of $94.52 per share, with a total value of $94,520.00. Following the acquisition, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.46% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

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

About Pinnacle Financial Partners

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.