Wall Street Zen Downgrades Pinnacle Financial Partners (NYSE:PNFP) to Sell

Pinnacle Financial Partners (NYSE:PNFP) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Thursday.

PNFP has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft set a $116.00 price target on Pinnacle Financial Partners and gave the stock a “buy” rating in a research note on Wednesday, January 21st. Weiss Ratings started coverage on shares of Pinnacle Financial Partners in a research report on Monday, March 9th. They issued a “hold (c+)” rating on the stock. Piper Sandler boosted their price objective on shares of Pinnacle Financial Partners from $120.00 to $122.00 and gave the company an “overweight” rating in a research note on Wednesday, January 28th. Bank of America assumed coverage on shares of Pinnacle Financial Partners in a research report on Monday, December 8th. They set a “buy” rating and a $113.00 price objective for the company. Finally, Raymond James Financial restated a “strong-buy” rating on shares of Pinnacle Financial Partners in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $113.41.

Pinnacle Financial Partners Stock Up 0.8%

PNFP opened at $84.76 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a market cap of $6.57 billion, a price-to-earnings ratio of 10.00, a P/E/G ratio of 0.38 and a beta of 1.02. Pinnacle Financial Partners has a 52 week low of $81.08 and a 52 week high of $120.46.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of the business’s stock in a transaction on Thursday, February 12th. The stock was purchased at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the completion of the transaction, the chief financial officer owned 49,485 shares of the company’s stock, valued at $4,677,322.20. The trade was a 2.06% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently made changes to their positions in PNFP. Goldman Sachs Group Inc. boosted its holdings in Pinnacle Financial Partners by 6.2% during the first quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock worth $69,060,000 after buying an additional 37,989 shares in the last quarter. Focus Partners Wealth increased its holdings in Pinnacle Financial Partners by 13.9% in the first quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock valued at $504,000 after buying an additional 581 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of Pinnacle Financial Partners by 3.3% during the 2nd quarter. Cetera Investment Advisers now owns 17,271 shares of the company’s stock valued at $1,907,000 after acquiring an additional 546 shares during the period. Intech Investment Management LLC lifted its position in shares of Pinnacle Financial Partners by 15.5% during the 2nd quarter. Intech Investment Management LLC now owns 6,610 shares of the company’s stock valued at $730,000 after acquiring an additional 886 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Pinnacle Financial Partners by 0.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 652,562 shares of the company’s stock worth $72,049,000 after acquiring an additional 3,441 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.