Pinnacle Financial Partners (NASDAQ:PNFP) Upgraded to Hold at Wall Street Zen

Pinnacle Financial Partners (NASDAQ:PNFP) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Friday.

Several other equities research analysts also recently issued reports on the company. Hovde Group upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price target for the company in a report on Wednesday, April 16th. Truist Financial restated a “buy” rating and issued a $127.00 price target (up from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Keefe, Bruyette & Woods increased their price target on Pinnacle Financial Partners from $115.00 to $130.00 and gave the stock a “market perform” rating in a report on Thursday. Jefferies Financial Group began coverage on Pinnacle Financial Partners in a report on Wednesday, May 21st. They issued a “buy” rating and a $135.00 price target for the company. Finally, UBS Group restated a “neutral” rating and issued a $121.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, July 9th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and a consensus price target of $129.60.

Pinnacle Financial Partners Trading Down 1.5%

NASDAQ PNFP opened at $117.04 on Friday. The stock has a 50-day simple moving average of $110.15 and a 200 day simple moving average of $109.47. The company has a market capitalization of $9.08 billion, a PE ratio of 15.52 and a beta of 1.01. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.34. Pinnacle Financial Partners has a 12 month low of $81.57 and a 12 month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. The business had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. During the same quarter in the prior year, the company posted $1.63 earnings per share. The firm’s revenue was up 15.1% on a year-over-year basis. Research analysts forecast that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. 1248 Management LLC acquired a new position in Pinnacle Financial Partners during the first quarter valued at approximately $29,000. Golden State Wealth Management LLC acquired a new position in Pinnacle Financial Partners during the first quarter valued at approximately $48,000. SVB Wealth LLC acquired a new position in Pinnacle Financial Partners during the first quarter valued at approximately $51,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Pinnacle Financial Partners during the first quarter valued at approximately $57,000. Finally, Kapitalo Investimentos Ltda acquired a new position in Pinnacle Financial Partners during the fourth quarter valued at approximately $78,000. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Company Profile

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.