Keefe, Bruyette & Woods Cuts Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $95.00

Key Points

• Keefe, Bruyette & Woods has lowered the price target for Pinnacle Financial Partners from $125.00 to $95.00, indicating a "market perform" rating on the stock.
• Pinnacle Financial Partners reported an EPS of $2.00 for the last quarter, exceeding estimates and showing a year-over-year revenue increase of 15.1%.
• Insider transactions include Director Thomas C. Farnsworth III and CFO Harold R. Carpenter purchasing shares, indicating confidence in the company's prospects, with insiders owning 1.46% of the stock.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) had its price objective lowered by Keefe, Bruyette & Woods from $125.00 to $95.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' target price indicates a potential upside of 2.81% from the company's current price.

A number of other equities analysts also recently commented on the stock. Wells Fargo & Company reduced their target price on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a research note on Friday, July 25th. Stephens lowered their price target on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating for the company in a report on Tuesday, July 29th. UBS Group reiterated a "neutral" rating and issued a $121.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, July 9th. Barclays reduced their price target on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating for the company in a research report on Monday, July 28th. Finally, Hovde Group downgraded shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of "Hold" and an average target price of $114.80.

Pinnacle Financial Partners Trading Up 3.5%

NASDAQ:PNFP opened at $92.40 on Wednesday. The firm has a 50 day moving average of $105.42 and a 200 day moving average of $106.71. The stock has a market capitalization of $7.17 billion, a price-to-earnings ratio of 12.25 and a beta of 1.03. Pinnacle Financial Partners has a 52 week low of $81.57 and a 52 week high of $131.91. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34.

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

Insider Activity at Pinnacle Financial Partners

In other news, Director Thomas C. Farnsworth III purchased 1,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the acquisition, the director directly owned 28,277 shares in the company, valued at approximately $2,401,848.38. The trade was a 3.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Harold R. Carpenter purchased 1,000 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the acquisition, the chief financial officer owned 105,050 shares of the company's stock, valued at $9,426,136.50. The trade was a 0.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 12,174 shares of company stock worth $1,047,079. 1.46% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of hedge funds have recently modified their holdings of PNFP. Millennium Management LLC bought a new position in Pinnacle Financial Partners in the first quarter valued at approximately $77,207,000. North Reef Capital Management LP boosted its stake in Pinnacle Financial Partners by 57.1% in the 4th quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock valued at $221,917,000 after purchasing an additional 705,000 shares during the period. Van Lanschot Kempen Investment Management N.V. acquired a new position in Pinnacle Financial Partners in the 4th quarter valued at $78,110,000. Capital Research Global Investors raised its holdings in Pinnacle Financial Partners by 57.0% in the 4th quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock valued at $178,425,000 after acquiring an additional 566,061 shares in the last quarter. Finally, Azora Capital LP raised its holdings in Pinnacle Financial Partners by 39.2% in the 4th quarter. Azora Capital LP now owns 913,936 shares of the financial services provider's stock valued at $104,545,000 after acquiring an additional 257,347 shares in the last quarter. 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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