Stephens Lowers Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $97.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective dropped by research analysts at Stephens from $104.00 to $97.00 in a research note issued on Friday, Marketbeat Ratings reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Stephens’ target price would suggest a potential upside of 11.47% from the stock’s previous close.

Several other analysts have also issued reports on PNFP. JPMorgan Chase & Co. increased their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Keefe, Bruyette & Woods reduced their target price on Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating on the stock in a report on Wednesday, August 13th. Barclays set a $120.00 price objective on Pinnacle Financial Partners in a research note on Wednesday, October 8th. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Finally, UBS Group reduced their price objective on Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 2nd. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus target price of $110.27.

Pinnacle Financial Partners Stock Performance

PNFP opened at $87.02 on Friday. The firm has a market cap of $6.75 billion, a P/E ratio of 11.06 and a beta of 1.02. Pinnacle Financial Partners has a 52-week low of $81.57 and a 52-week high of $131.91. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.88 and a current ratio of 0.89. The business’s fifty day moving average is $94.23 and its 200-day moving average is $100.38.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.22. The company had revenue of $544.80 million for the quarter, compared to analyst estimates of $526.40 million. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.During the same period in the prior year, the firm posted $1.86 EPS. Sell-side analysts expect that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Director Thomas C. Farnsworth III bought 1,000 shares of the company’s stock in a transaction on Friday, August 1st. The stock was purchased at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the transaction, the director owned 28,277 shares of the company’s stock, valued at $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director G Kennedy Thompson bought 10,000 shares of the company’s stock in a transaction on Friday, August 1st. The stock was purchased at an average price of $85.65 per share, with a total value of $856,500.00. Following the completion of the transaction, the director directly owned 28,372 shares of the company’s stock, valued at approximately $2,430,061.80. The trade was a 54.43% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 12,174 shares of company stock worth $1,047,079. 1.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several large investors have recently bought and sold shares of PNFP. 1248 Management LLC bought a new position in Pinnacle Financial Partners in the first quarter valued at about $29,000. Elevation Point Wealth Partners LLC bought a new position in shares of Pinnacle Financial Partners during the second quarter worth about $38,000. MAI Capital Management raised its position in shares of Pinnacle Financial Partners by 79.4% during the second quarter. MAI Capital Management now owns 366 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 162 shares during the last quarter. Spurstone Advisory Services LLC bought a new position in shares of Pinnacle Financial Partners during the second quarter worth about $41,000. Finally, Ameritas Advisory Services LLC bought a new position in shares of Pinnacle Financial Partners during the second quarter worth about $45,000. 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.