Jefferies Financial Group Reaffirms "Hold" Rating for Pinnacle Financial Partners (NASDAQ:PNFP)

Key Points

• Jefferies Financial Group has reaffirmed a "hold" rating for Pinnacle Financial Partners (NASDAQ:PNFP), downgrading their target price to $110.00 from $145.00, indicating a potential upside of 20.14% from its last closing price.
• Pinnacle Financial Partners' shares fell by 12.1% to $91.56, with a significant trading volume of over 8 million shares compared to its average of 613,292.
• The company reported a strong quarterly earnings performance, beating estimates with $2.00 EPS against a consensus of $1.92, and a year-over-year revenue increase of 15.1%.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report)'s stock had its "hold" rating reissued by equities researchers at Jefferies Financial Group in a report issued on Friday,Benzinga reports. They currently have a $110.00 target price on the financial services provider's stock, down from their previous target price of $145.00. Jefferies Financial Group's target price indicates a potential upside of 20.14% from the stock's previous close.

A number of other equities analysts have also recently weighed in on the company. Keefe, Bruyette & Woods raised their price objective on Pinnacle Financial Partners from $115.00 to $130.00 and gave the company a "market perform" rating in a report on Thursday, July 17th. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target on the stock in a research report on Wednesday, April 16th. Wells Fargo & Company dropped their target price on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a report on Friday. JPMorgan Chase & Co. upped their price target on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Finally, Truist Financial reissued a "buy" rating and issued a $127.00 target price (up previously from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $123.60.

Pinnacle Financial Partners Stock Down 12.1%

Shares of NASDAQ PNFP traded down $12.60 during trading hours on Friday, hitting $91.56. The company had a trading volume of 8,337,921 shares, compared to its average volume of 613,292. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. The firm's 50 day moving average is $110.05 and its 200-day moving average is $109.34. Pinnacle Financial Partners has a 1-year low of $81.57 and a 1-year high of $131.91. The stock has a market capitalization of $7.10 billion, a P/E ratio of 12.14 and a beta of 1.01.

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

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently made changes to their positions in PNFP. Utah Retirement Systems boosted its holdings in Pinnacle Financial Partners by 2.5% in the fourth quarter. Utah Retirement Systems now owns 4,090 shares of the financial services provider's stock valued at $468,000 after purchasing an additional 100 shares during the period. KLP Kapitalforvaltning AS boosted its stake in shares of Pinnacle Financial Partners by 0.6% during the 1st quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider's stock worth $1,675,000 after acquiring an additional 100 shares in the last quarter. Sheets Smith Wealth Management lifted its stake in Pinnacle Financial Partners by 1.8% in the 2nd quarter. Sheets Smith Wealth Management now owns 5,980 shares of the financial services provider's stock valued at $660,000 after buying an additional 105 shares in the last quarter. Brooklyn Investment Group lifted its stake in Pinnacle Financial Partners by 15.3% in the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock valued at $88,000 after buying an additional 110 shares in the last quarter. Finally, Cahaba Wealth Management Inc. lifted its stake in shares of Pinnacle Financial Partners by 1.7% during the 4th quarter. Cahaba Wealth Management Inc. now owns 6,625 shares of the financial services provider's stock worth $758,000 after purchasing an additional 113 shares during the period. Institutional investors and hedge funds 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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