Benchmark Forecasts Strong Price Appreciation for Pinnacle Financial Partners (NYSE:PNFP) Stock

Key Points

• Benchmark raised Pinnacle Financial Partners’ price target from $125 to $130 and maintained a “buy” rating, implying 20.75% upside from the prior close. Analysts overall have a “Moderate Buy” consensus with an average target of $117.29.
• PNFP shares fell 1.3% to $107.66 during Wednesday trading, while the company’s latest quarterly results exceeded expectations with earnings of $2.50 per share versus the $2.46 consensus estimate.
• Insider Robert A. McCabe Jr. purchased approximately $1.0 million of company stock, and institutional investors and hedge funds own 87.4% of Pinnacle Financial Partners’ outstanding shares.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) had its price objective raised by investment analysts at Benchmark from $125.00 to $130.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Benchmark's price objective points to a potential upside of 20.75% from the stock's previous close.

PNFP has been the topic of a number of other reports. Robert W. Baird started coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an "outperform" rating and a $115.00 price objective on the stock. Stephens set a $112.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 27th. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, June 26th. Piper Sandler lifted their price target on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an "overweight" rating in a research report on Friday, July 24th. Finally, Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $117.29.

Pinnacle Financial Partners Stock Down 1.3%

Shares of NYSE PNFP traded down $1.37 during trading on Wednesday, hitting $107.66. 606,616 shares of the company traded hands, compared to its average volume of 1,473,231. Pinnacle Financial Partners has a 1 year low of $81.08 and a 1 year high of $110.33. The stock has a 50-day moving average of $99.18. The company has a market cap of $8.35 billion, a price-to-earnings ratio of 14.79, a P/E/G ratio of 0.43 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Research analysts predict that Pinnacle Financial Partners will post 10.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the firm's stock in a transaction on Friday, July 24th. The stock was purchased at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the acquisition, the insider directly owned 324,233 shares in the company, valued at $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of large investors have recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. acquired a new position in Pinnacle Financial Partners in the 3rd quarter worth $26,000. High Point Wealth Management LLC purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth about $27,000. BOKF NA increased its position in shares of Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company's stock worth $27,000 after acquiring an additional 265 shares during the last quarter. Activest Wealth Management acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $28,000. Finally, Resources Management Corp CT ADV acquired a new position in shares of Pinnacle Financial Partners in the first quarter worth about $26,000. 87.40% of the stock is owned by institutional investors and hedge funds.

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.

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