Pinnacle Financial Partners (NASDAQ:PNFP) Stock Rating Lowered by Wells Fargo & Company

Pinnacle Financial Partners (NASDAQ:PNFP) was downgraded by equities researchers at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report released on Tuesday, Briefing.com reports. They presently have a $100.00 price objective on the financial services provider’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 2.07% from the company’s previous close.

Several other research firms have also recently weighed in on PNFP. Barclays raised their price target on Pinnacle Financial Partners from $97.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Friday. Piper Sandler downgraded Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. JPMorgan Chase & Co. lowered their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research note on Thursday, June 27th. Truist Financial raised their price objective on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, Hovde Group upped their target price on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a report on Friday. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $102.10.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $97.97 on Tuesday. The company has a market cap of $7.57 billion, a price-to-earnings ratio of 14.02 and a beta of 1.05. The business’s fifty day simple moving average is $94.18 and its two-hundred day simple moving average is $85.52. Pinnacle Financial Partners has a 12 month low of $59.66 and a 12 month high of $100.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 EPS for the quarter, topping the consensus estimate of $1.60 by $0.03. The company had revenue of $366.55 million during the quarter, compared to the consensus estimate of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. Research analysts anticipate that Pinnacle Financial Partners will post 6.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pinnacle Financial Partners

Institutional investors and hedge funds have recently modified their holdings of the stock. Rise Advisors LLC bought a new stake in Pinnacle Financial Partners in the 1st quarter valued at $26,000. International Assets Investment Management LLC purchased a new position in Pinnacle Financial Partners during the 2nd quarter valued at approximately $29,000. Versant Capital Management Inc increased its stake in Pinnacle Financial Partners by 44.5% in the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 133 shares during the last quarter. Mather Group LLC. purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $65,000. Finally, Quarry LP boosted its position in shares of Pinnacle Financial Partners by 3,500.0% during the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock valued at $61,000 after acquiring an additional 735 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.