Pinnacle Financial Partners (NYSE:PNFP) Price Target Lowered to $125.00 at Benchmark

Pinnacle Financial Partners (NYSE:PNFP) had its price target cut by Benchmark from $132.00 to $125.00 in a research note issued to investors on Friday, Marketbeat.com reports. They currently have a buy rating on the stock.

A number of other analysts have also weighed in on PNFP. Barclays lowered their price target on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Truist Financial boosted their price objective on Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. JPMorgan Chase & Co. lifted their target price on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Finally, Stephens raised their price target on Pinnacle Financial Partners from $95.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average price target of $116.65.

Pinnacle Financial Partners Stock Up 2.7%

NYSE:PNFP opened at $102.53 on Friday. The company has a 50-day moving average price of $97.90. Pinnacle Financial Partners has a 12 month low of $81.08 and a 12 month high of $107.00. The firm has a market capitalization of $7.95 billion, a price-to-earnings ratio of 14.08, a PEG ratio of 0.40 and a beta of 1.04. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.90 and a current ratio of 0.94.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. On average, research analysts expect that Pinnacle Financial Partners will post 10.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PNFP. Processus Wealth & Capital Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth $721,000. Ballast Inc. acquired a new position in Pinnacle Financial Partners in the second quarter valued at about $393,000. Handelsbanken Fonder AB lifted its position in Pinnacle Financial Partners by 27.0% during the second quarter. Handelsbanken Fonder AB now owns 235,281 shares of the company’s stock worth $23,735,000 after purchasing an additional 50,000 shares during the period. Revolve Wealth Partners LLC bought a new stake in Pinnacle Financial Partners during the second quarter worth about $465,000. Finally, Gradient Investments LLC grew its stake in Pinnacle Financial Partners by 10.6% during the second quarter. Gradient Investments LLC now owns 46,256 shares of the company’s stock worth $4,666,000 after buying an additional 4,436 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

About Pinnacle Financial Partners

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.