Pinnacle Financial Partners (NYSE:PNFP) Stock Price Target Raised at Piper Sandler

Key Points

• Piper Sandler raised Pinnacle Financial Partners’ price target to $127 from $125 while maintaining an “overweight” rating, implying approximately 25.4% upside.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $119.75. Several firms recently increased their targets, including TD Cowen, DA Davidson, and Robert W. Baird.
• Pinnacle exceeded quarterly expectations, reporting $2.69 EPS versus the $2.62 consensus and $1.32 billion in revenue versus the $1.28 billion estimate.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) had its target price increased by analysts at Piper Sandler from $125.00 to $127.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Piper Sandler's target price indicates a potential upside of 25.39% from the stock's current price.

A number of other equities research analysts have also weighed in on PNFP. DA Davidson lifted their price objective on Pinnacle Financial Partners from $112.00 to $115.00 and gave the company a "neutral" rating in a report on Friday. Stephens set a $112.00 price target on Pinnacle Financial Partners in a research note on Monday, July 27th. TD Cowen boosted their price objective on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a "buy" rating in a report on Friday. Hovde Group started coverage on Pinnacle Financial Partners in a report on Wednesday, September 16th. They set an "outperform" rating and a $125.00 target price for the company. Finally, Robert W. Baird upped their price target on shares of Pinnacle Financial Partners from $115.00 to $120.00 and gave the stock an "outperform" rating in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $119.75.

Pinnacle Financial Partners Trading Up 0.9%

Shares of Pinnacle Financial Partners stock opened at $101.29 on Monday. Pinnacle Financial Partners has a twelve month low of $81.08 and a twelve month high of $110.33. The firm has a market capitalization of $7.86 billion, a PE ratio of 13.53, a P/E/G ratio of 0.40 and a beta of 1.03. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.73. The firm's 50-day moving average price is $97.81 and its 200 day moving average price is $98.35.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.62 by $0.07. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.33%. On average, sell-side analysts predict that Pinnacle Financial Partners will post 10.22 EPS for the current fiscal year.

Insider Activity

In other news, insider M. Turner sold 66,783 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $108.01, for a total value of $7,213,231.83. Following the sale, the insider directly owned 302,230 shares in the company, valued at $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Kevin Blair acquired 2,565 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was acquired at an average price of $97.48 per share, for a total transaction of $250,036.20. Following the purchase, the chief executive officer directly owned 152,397 shares of the company's stock, valued at approximately $14,855,659.56. This trade represents a 1.71% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold 177,228 shares of company stock worth $19,153,713 over the last quarter. 1.30% of the stock is currently owned by company insiders.

Institutional Trading of Pinnacle Financial Partners

Several large investors have recently made changes to their positions in PNFP. Resources Management Corp CT ADV purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at $26,000. Annis Gardner Whiting Capital Advisors LLC grew its holdings in shares of Pinnacle Financial Partners by 97.7% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company's stock worth $30,000 after purchasing an additional 173 shares during the last quarter. Basecamp Wealth Advisors LLC raised its stake in shares of Pinnacle Financial Partners by 112.2% during the first quarter. Basecamp Wealth Advisors LLC now owns 399 shares of the company's stock valued at $34,000 after acquiring an additional 211 shares during the last quarter. Leonteq Securities AG bought a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth approximately $38,000. Finally, Root Financial Partners LLC purchased a new position in shares of Pinnacle Financial Partners during the third quarter valued at about $42,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

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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