Pinnacle Financial Partners (NASDAQ:PNFP) Rating Lowered to “Market Perform” at Hovde Group

Pinnacle Financial Partners (NASDAQ:PNFP) was downgraded by research analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a research report issued on Monday, Marketbeat Ratings reports. They presently have a $135.00 price objective on the financial services provider’s stock. Hovde Group’s target price suggests a potential upside of 10.06% from the stock’s current price.

Several other equities research analysts have also recently commented on PNFP. Barclays raised their target price on Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Stephens raised their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Truist Financial raised their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Finally, Citigroup raised their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $108.70.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $122.66 on Monday. Pinnacle Financial Partners has a 1 year low of $70.03 and a 1 year high of $129.38. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $9.48 billion, a price-to-earnings ratio of 23.32 and a beta of 1.04. The business has a 50-day moving average of $103.46 and a 200-day moving average of $91.86.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The business had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter last year, the firm posted $1.79 earnings per share. As a group, equities research analysts anticipate that Pinnacle Financial Partners will post 6.8 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its holdings in shares of Pinnacle Financial Partners by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after purchasing an additional 8,604 shares in the last quarter. Barclays PLC lifted its holdings in shares of Pinnacle Financial Partners by 117.0% in the third quarter. Barclays PLC now owns 167,838 shares of the financial services provider’s stock valued at $16,442,000 after purchasing an additional 90,478 shares in the last quarter. Pier Capital LLC lifted its holdings in shares of Pinnacle Financial Partners by 0.4% in the third quarter. Pier Capital LLC now owns 112,242 shares of the financial services provider’s stock valued at $10,996,000 after purchasing an additional 445 shares in the last quarter. Systematic Financial Management LP bought a new position in shares of Pinnacle Financial Partners in the third quarter valued at approximately $261,000. Finally, Quantinno Capital Management LP lifted its holdings in shares of Pinnacle Financial Partners by 41.5% in the third quarter. Quantinno Capital Management LP now owns 17,842 shares of the financial services provider’s stock valued at $1,748,000 after purchasing an additional 5,236 shares in 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.