Pinnacle Financial Partners (NYSE:PNFP) Issues Earnings Results

Pinnacle Financial Partners (NYSE:PNFP) announced its earnings results on Wednesday. The company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04, Zacks reports. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%.

Pinnacle Financial Partners Stock Up 0.7%

PNFP stock traded up $0.68 during trading on Wednesday, reaching $97.47. The company’s stock had a trading volume of 1,304,896 shares, compared to its average volume of 1,473,662. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners has a 1 year low of $81.08 and a 1 year high of $113.33. The company has a fifty day moving average price of $97.59. The firm has a market cap of $7.56 billion, a P/E ratio of 13.52, a P/E/G ratio of 0.40 and a beta of 1.04.

Analyst Upgrades and Downgrades

PNFP has been the subject of a number of research reports. UBS Group upped their price objective on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, April 24th. Citigroup raised their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Truist Financial boosted their price target on Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Piper Sandler reiterated an “overweight” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, June 10th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Three analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus target price of $116.89.

Institutional Trading of Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently bought and sold shares of PNFP. Brown Brothers Harriman & Co. purchased a new stake in shares of Pinnacle Financial Partners in the third quarter worth about $26,000. BOKF NA grew its position in Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after acquiring an additional 265 shares during the last quarter. CIBC Private Wealth Group LLC boosted its position in Pinnacle Financial Partners by 175.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock valued at $32,000 after buying an additional 216 shares during the period. Kestra Advisory Services LLC bought a new position in Pinnacle Financial Partners in the fourth quarter worth approximately $39,000. Finally, Tripletail Wealth Management LLC purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at $43,000. 87.40% of the stock is currently owned by institutional investors.

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.