Citigroup Forecasts Strong Price Appreciation for Pinnacle Financial Partners (NASDAQ:PNFP) Stock

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) had its price objective hoisted by equities researchers at Citigroup from $134.00 to $140.00 in a report released on Thursday,Benzinga reports. The firm currently has a "buy" rating on the financial services provider's stock. Citigroup's price objective points to a potential upside of 17.77% from the company's previous close.

PNFP has been the subject of a number of other reports. Wells Fargo & Company upped their price objective on Pinnacle Financial Partners from $105.00 to $125.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Barclays increased their price objective on Pinnacle Financial Partners from $125.00 to $140.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective for the company in a report on Wednesday, April 16th. UBS Group reiterated a "neutral" rating and issued a $121.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, July 9th. Finally, Truist Financial reiterated a "buy" rating and issued a $127.00 price objective (up previously from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and an average target price of $126.73.

Pinnacle Financial Partners Stock Performance

Shares of PNFP traded up $2.38 during mid-day trading on Thursday, hitting $118.88. The stock had a trading volume of 817,347 shares, compared to its average volume of 508,786. The business has a fifty day moving average price of $109.70 and a 200-day moving average price of $109.42. The firm has a market cap of $9.22 billion, a P/E ratio of 15.77 and a beta of 1.01. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.89 and a quick ratio of 0.89. Pinnacle Financial Partners has a 52 week low of $81.57 and a 52 week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.67% and a net margin of 18.69%. The business had revenue of $504.99 million for the quarter, compared to analyst estimates of $495.27 million. During the same period in the prior year, the company earned $1.63 EPS. The company's quarterly revenue was up 15.1% compared to the same quarter last year. On average, equities research analysts expect that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Institutional Trading of Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Corient Private Wealth LLC raised its stake in Pinnacle Financial Partners by 13.8% in the 4th quarter. Corient Private Wealth LLC now owns 13,973 shares of the financial services provider's stock worth $1,598,000 after acquiring an additional 1,695 shares during the last quarter. Xponance Inc. raised its stake in Pinnacle Financial Partners by 5.5% in the 4th quarter. Xponance Inc. now owns 8,678 shares of the financial services provider's stock worth $993,000 after acquiring an additional 450 shares during the last quarter. Teacher Retirement System of Texas acquired a new stake in Pinnacle Financial Partners during the 4th quarter worth about $367,000. Northwest & Ethical Investments L.P. grew its position in Pinnacle Financial Partners by 180.4% during the 4th quarter. Northwest & Ethical Investments L.P. now owns 3,925 shares of the financial services provider's stock worth $448,000 after purchasing an additional 2,525 shares during the period. Finally, Douglass Winthrop Advisors LLC acquired a new stake in Pinnacle Financial Partners during the 4th quarter worth about $229,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

About Pinnacle Financial Partners

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.

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