Truist Financial Forecasts Strong Price Appreciation for Pinnacle Financial Partners (NASDAQ:PNFP) Stock

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target lifted by stock analysts at Truist Financial from $123.00 to $127.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target would suggest a potential upside of 7.45% from the company’s current price.

A number of other equities research analysts have also recently issued reports on PNFP. Citigroup upped their price objective on shares of Pinnacle Financial Partners from $126.00 to $134.00 and gave the stock a “buy” rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods cut their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating on the stock in a research note on Thursday, April 17th. Jefferies Financial Group started coverage on Pinnacle Financial Partners in a report on Wednesday, May 21st. They set a “buy” rating and a $135.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Finally, UBS Group reiterated a “neutral” rating and issued a $121.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $124.82.

Pinnacle Financial Partners Stock Down 1.2%

PNFP opened at $118.20 on Friday. The company has a market capitalization of $9.17 billion, a PE ratio of 19.13 and a beta of 1.01. The business has a 50-day moving average of $108.98 and a 200-day moving average of $109.34. Pinnacle Financial Partners has a fifty-two week low of $81.57 and a fifty-two week high of $131.91. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.89 and a quick ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.98% and a return on equity of 9.29%. The firm had revenue of $475.37 million during the quarter, compared to analysts’ expectations of $478.11 million. During the same period in the previous year, the company earned $1.53 earnings per share. Equities research analysts forecast that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Institutional Trading of Pinnacle Financial Partners

Hedge funds have recently modified their holdings of the company. 1248 Management LLC bought a new position in shares of Pinnacle Financial Partners during the 1st quarter worth about $29,000. Golden State Wealth Management LLC bought a new position in Pinnacle Financial Partners in the 1st quarter worth approximately $48,000. SVB Wealth LLC acquired a new position in shares of Pinnacle Financial Partners during the first quarter valued at $51,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $57,000. Finally, Kapitalo Investimentos Ltda acquired a new stake in Pinnacle Financial Partners during the 4th quarter worth $78,000. 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.