Citigroup Has Lowered Expectations for Pinnacle Financial Partners (NASDAQ:PNFP) Stock Price

Key Points

• Citigroup has reduced its target price for Pinnacle Financial Partners from $140.00 to $120.00, while maintaining a "buy" rating, indicating a potential upside of 31.06% from the previous close.
• Pinnacle Financial Partners' stock fell 12.1% to $91.56 on the day of the report, significantly below its 52-week high of $131.91.
• The company recently reported earnings of $2.00 per share, surpassing analysts' expectations, with a revenue increase of 15.1% year-over-year.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) had its target price reduced by Citigroup from $140.00 to $120.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the financial services provider's stock. Citigroup's price objective suggests a potential upside of 31.06% from the company's previous close.

Other equities analysts also recently issued reports about the company. UBS Group reissued a "neutral" rating and issued a $121.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, July 9th. Keefe, Bruyette & Woods upped their target price on Pinnacle Financial Partners from $115.00 to $130.00 and gave the company a "market perform" rating in a research report on Thursday, July 17th. Barclays raised their price target on Pinnacle Financial Partners from $125.00 to $140.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Hovde Group upgraded shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 target price on the stock in a research report on Wednesday, April 16th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $126.10.

Pinnacle Financial Partners Trading Down 12.1%

Shares of NASDAQ:PNFP traded down $12.60 during midday trading on Friday, reaching $91.56. 8,336,322 shares of the company's stock were exchanged, compared to its average volume of 609,223. The firm's 50 day simple moving average is $110.05 and its two-hundred day simple moving average is $109.34. Pinnacle Financial Partners has a fifty-two week low of $81.57 and a fifty-two week high of $131.91. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a market cap of $7.10 billion, a price-to-earnings ratio of 12.14 and a beta of 1.01.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, beating analysts' consensus estimates of $1.92 by $0.08. The business had revenue of $504.99 million during the quarter, compared to analysts' expectations of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. The company's revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.63 earnings per share. As a group, sell-side analysts forecast that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 1248 Management LLC acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter valued at $29,000. Ameritas Advisory Services LLC acquired a new position in shares of Pinnacle Financial Partners during the second quarter worth about $45,000. Golden State Wealth Management LLC purchased a new stake in shares of Pinnacle Financial Partners in the first quarter worth about $48,000. SVB Wealth LLC acquired a new stake in shares of Pinnacle Financial Partners in the first quarter valued at about $51,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at about $57,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Company Profile

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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