Pinnacle Financial Partners (NYSE:PNFP) Stock Price Target Raised at Robert W. Baird

Key Points

• Robert W. Baird raised Pinnacle Financial Partners’ price target from $115 to $120 while maintaining an “outperform” rating, implying 19.47% upside from the prior close.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $118.79; ratings include one Strong Buy, 17 Buys, and three Holds.
• Pinnacle reported quarterly earnings of $2.69 per share, beating estimates of $2.62, while revenue of $1.32 billion exceeded the $1.28 billion consensus forecast.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) had its target price boosted by research analysts at Robert W. Baird from $115.00 to $120.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Robert W. Baird's price target indicates a potential upside of 19.47% from the company's previous close.

A number of other research analysts have also recently commented on the company. Benchmark raised their price target on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. JPMorgan Chase & Co. reduced their price objective on shares of Pinnacle Financial Partners from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday, October 1st. Truist Financial decreased their target price on shares of Pinnacle Financial Partners from $118.00 to $112.00 and set a "buy" rating on the stock in a report on Friday, October 9th. TD Cowen decreased their target price on shares of Pinnacle Financial Partners from $119.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, October 5th. Finally, Wells Fargo & Company upgraded shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and set a $118.00 target price for the company in a research report on Wednesday, September 30th. One investment 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 company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $118.79.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $100.44 on Friday. The stock's fifty day moving average price is $97.96 and its two-hundred day moving average price is $98.26. Pinnacle Financial Partners has a one year low of $81.08 and a one year high of $110.33. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a market cap of $7.79 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 0.40 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its earnings results on Wednesday, October 21st. The company reported $2.69 earnings per share 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 the consensus estimate of $1.28 billion. Pinnacle Financial Partners had a return on equity of 11.88% and a net margin of 15.97%. As a group, research analysts expect that Pinnacle Financial Partners will post 10.20 EPS for the current fiscal year.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider M. Turner sold 54,107 shares of Pinnacle Financial Partners stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $108.13, for a total value of $5,850,589.91. Following the transaction, the insider owned 248,123 shares in the company, valued at $26,829,539.99. The trade was a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Kevin Blair bought 2,565 shares of the stock in a transaction on Tuesday, September 1st. The shares were acquired at an average cost of $97.48 per share, with a total value of $250,036.20. Following the purchase, the chief executive officer owned 152,397 shares of the company's stock, valued at approximately $14,855,659.56. This represents a 1.71% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold 177,228 shares of company stock valued at $19,153,713 over the last ninety days. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of Pinnacle Financial Partners

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tectonic Advisors LLC lifted its stake in shares of Pinnacle Financial Partners by 44.0% in the 3rd quarter. Tectonic Advisors LLC now owns 115,947 shares of the company's stock valued at $10,854,000 after acquiring an additional 35,453 shares during the last quarter. Inspire Investing LLC grew its position in Pinnacle Financial Partners by 2.3% during the 3rd quarter. Inspire Investing LLC now owns 8,246 shares of the company's stock worth $772,000 after acquiring an additional 188 shares during the last quarter. Root Financial Partners LLC bought a new stake in Pinnacle Financial Partners during the 3rd quarter worth $42,000. Crossmark Global Holdings Inc. increased its holdings in Pinnacle Financial Partners by 4.7% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 7,245 shares of the company's stock worth $678,000 after purchasing an additional 323 shares in the last quarter. Finally, Sowell Financial Services LLC increased its holdings in Pinnacle Financial Partners by 105.5% in the 3rd quarter. Sowell Financial Services LLC now owns 23,174 shares of the company's stock worth $2,169,000 after purchasing an additional 11,896 shares in the last quarter. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Company Profile

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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