Pinnacle Financial Partners (NYSE:PNFP) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Pinnacle Financial Partners (NYSE:PNFP) had its price objective raised by stock analysts at Robert W. Baird from $115.00 to $120.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird‘s target price suggests a potential upside of 19.47% from the company’s previous close.

Other analysts also recently issued reports about the company. Wells Fargo & Company upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and set a $118.00 price objective for the company in a report on Wednesday, September 30th. Hovde Group assumed coverage on Pinnacle Financial Partners in a report on Wednesday, September 16th. They set an “outperform” rating and a $125.00 target price on the stock. Stephens set a $112.00 price target on Pinnacle Financial Partners in a research report on Monday, July 27th. Benchmark increased their price target on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Finally, Citigroup raised their price objective 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. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $118.79.

Pinnacle Financial Partners Trading Up 2.3%

Shares of NYSE PNFP opened at $100.44 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. Pinnacle Financial Partners has a 52-week low of $81.08 and a 52-week high of $110.33. The firm has a 50 day moving average price of $97.96 and a two-hundred day moving average price of $98.26. The stock has a market cap 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.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, October 21st. The company reported $2.69 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. As a group, equities analysts forecast that Pinnacle Financial Partners will post 10.20 EPS for the current year.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO Kevin S. Blair bought 2,565 shares of the stock in a transaction on Tuesday, September 1st. The stock was acquired at an average cost of $97.48 per share, for a total transaction of $250,036.20. Following the completion of the acquisition, the chief executive officer owned 152,397 shares in the company, valued at $14,855,659.56. This trade represents a 1.71% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Gregory G. Montana purchased 500 shares of the company’s stock in a transaction on Thursday, September 10th. The stock was acquired at an average cost of $98.61 per share, for a total transaction of $49,305.00. Following the completion of the purchase, the director owned 4,959 shares of the company’s stock, valued at approximately $489,006.99. This trade represents a 11.21% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold a total of 177,228 shares of company stock worth $19,153,713 in the last 90 days. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PNFP. Bank of America Corp DE bought a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth about $70,269,000. Public Employees Retirement System of Ohio bought a new stake in Pinnacle Financial Partners in the 2nd quarter valued at about $4,292,000. BlackRock Inc. acquired a new position in Pinnacle Financial Partners during the 2nd quarter worth approximately $1,704,708,000. Man Group plc bought a new position in Pinnacle Financial Partners in the second quarter worth approximately $19,969,000. Finally, Corient Private Wealth LP acquired a new stake in Pinnacle Financial Partners in the second quarter valued at approximately $1,982,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

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.