Pinnacle Financial Partners (NYSE:PNFP) Stock Price Expected to Rise, Truist Financial Analyst Says

Key Points

• Truist Financial raised Pinnacle Financial Partners’ price target to $120 from $112 and maintained a “buy” rating, implying approximately 20.3% upside from the reported share price.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average target price of $120.15; recent targets from other firms range from $112 to $125.
• Pinnacle exceeded quarterly expectations, reporting $2.69 in earnings per share versus a $2.62 estimate and $1.32 billion in revenue versus a $1.28 billion forecast.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) had its price target lifted by research analysts at Truist Financial from $112.00 to $120.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's price target suggests a potential upside of 20.30% from the stock's current price.

Several other equities analysts have also commented on PNFP. Stephens set a $112.00 price target on shares of Pinnacle Financial Partners in a research report on Monday, July 27th. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Robert W. Baird boosted their price objective on shares of Pinnacle Financial Partners from $115.00 to $120.00 and gave the company an "outperform" rating in a research note on Friday, October 23rd. Hovde Group assumed coverage on Pinnacle Financial Partners in a report on Wednesday, September 16th. They set an "outperform" rating and a $125.00 price objective for the company. Finally, Wells Fargo & Company upgraded Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and set a $118.00 price objective for the company in a report on Wednesday, September 30th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $120.15.

Pinnacle Financial Partners Price Performance

NYSE PNFP opened at $99.75 on Wednesday. Pinnacle Financial Partners has a 12 month low of $81.08 and a 12 month high of $110.33. The company has a 50-day moving average of $97.64 and a 200-day moving average of $96.72. The company has a market cap of $7.74 billion, a P/E ratio of 13.32 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its quarterly earnings data on Wednesday, October 21st. The company reported $2.69 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.07. The company had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.28 billion. As a group, equities research analysts anticipate that Pinnacle Financial Partners will post 10.22 EPS for the current year.

Insider Activity

In related news, insider M. Turner sold 66,783 shares of the company's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the completion of the sale, the insider directly owned 302,230 shares of the company's stock, valued at approximately $32,643,862.30. This represents a 18.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory G. Montana purchased 500 shares of the stock in a transaction that occurred on Thursday, September 10th. The stock was bought at an average price of $98.61 per share, with a total value of $49,305.00. Following the completion of the acquisition, the director owned 4,959 shares in the company, valued at $489,006.99. This represents a 11.21% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have sold 177,228 shares of company stock valued at $19,153,713. Company insiders own 1.30% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Resources Management Corp CT ADV purchased a new stake in shares of Pinnacle Financial Partners in the first quarter worth about $26,000. Annis Gardner Whiting Capital Advisors LLC raised its holdings in shares of Pinnacle Financial Partners by 97.7% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company's stock valued at $30,000 after buying an additional 173 shares during the period. Basecamp Wealth Advisors LLC raised its holdings in shares of Pinnacle Financial Partners by 112.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 399 shares of the company's stock valued at $34,000 after buying an additional 211 shares during the period. Leonteq Securities AG acquired a new position in Pinnacle Financial Partners during the 1st quarter worth approximately $38,000. Finally, Root Financial Partners LLC acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth approximately $42,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.

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