Pinnacle Financial Partners’ (PNFP) “Overweight” Rating Reiterated at Stephens

Pinnacle Financial Partners (NASDAQ:PNFP)‘s stock had its “overweight” rating reaffirmed by research analysts at Stephens in a note issued to investors on Wednesday,Benzinga reports. They presently have a $142.00 target price on the financial services provider’s stock. Stephens’ price objective would suggest a potential upside of 16.07% from the company’s current price.

Several other brokerages have also issued reports on PNFP. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research note on Monday, November 18th. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Finally, Citigroup raised their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $125.18.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $122.34 on Wednesday. Pinnacle Financial Partners has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a fifty day simple moving average of $119.35 and a two-hundred day simple moving average of $104.90. The stock has a market capitalization of $9.45 billion, a price-to-earnings ratio of 20.46 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to analyst estimates of $470,334.57 billion. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.12%. The firm’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.68 earnings per share. On average, analysts predict that Pinnacle Financial Partners will post 7.56 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now owns 60,805 shares in the company, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the sale, the chairman now owns 123,000 shares in the company, valued at approximately $15,263,070. The trade was a 28.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,661 shares of company stock valued at $9,563,127. Insiders own 1.87% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors have recently bought and sold shares of PNFP. Caprock Group LLC boosted its holdings in shares of Pinnacle Financial Partners by 3.1% in the 4th quarter. Caprock Group LLC now owns 5,951 shares of the financial services provider’s stock valued at $681,000 after acquiring an additional 177 shares during the last quarter. OLD National Bancorp IN acquired a new position in Pinnacle Financial Partners during the fourth quarter valued at $202,000. Curran Financial Partners LLC purchased a new stake in Pinnacle Financial Partners in the fourth quarter valued at $238,000. Hunter Perkins Capital Management LLC grew its position in Pinnacle Financial Partners by 3.6% during the 4th quarter. Hunter Perkins Capital Management LLC now owns 15,690 shares of the financial services provider’s stock worth $1,795,000 after purchasing an additional 545 shares during the period. Finally, KBC Group NV raised its stake in shares of Pinnacle Financial Partners by 1,054.3% during the 4th quarter. KBC Group NV now owns 26,722 shares of the financial services provider’s stock valued at $3,057,000 after buying an additional 24,407 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other 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.