Pinnacle Financial Partners (NASDAQ:PNFP) Coverage Initiated at TD Cowen

Key Points

• TD Cowen has initiated coverage of Pinnacle Financial Partners (NASDAQ:PNFP) with a buy rating and a price target of $122.00, suggesting a potential upside of 28.30% from its current price.
• Recent earnings results showed Pinnacle Financial Partners reported $2.00 earnings per share, surpassing expectations and marking a 15.1% increase in revenue year-over-year.
• Insider transactions indicate confidence in the company, with directors purchasing significant shares, increasing their ownership by over 54% and 3.67% respectively.

Research analysts at TD Cowen initiated coverage on shares of Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) in a report issued on Thursday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $122.00 price target on the financial services provider's stock. TD Cowen's target price would indicate a potential upside of 28.30% from the stock's current price.

PNFP has been the subject of a number of other research reports. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. boosted their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Keefe, Bruyette & Woods reduced their price objective on Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating for the company in a report on Wednesday, August 13th. Truist Financial reduced their price objective on Pinnacle Financial Partners from $111.00 to $107.00 and set a "buy" rating for the company in a report on Wednesday. Finally, Jefferies Financial Group restated a "hold" rating and set a $110.00 price objective (down previously from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $112.45.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $95.09 on Thursday. The company has a market cap of $7.38 billion, a price-to-earnings ratio of 12.61 and a beta of 1.07. Pinnacle Financial Partners has a 1-year low of $81.57 and a 1-year high of $131.91. The company's fifty day simple moving average is $96.32 and its 200 day simple moving average is $101.98. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued 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 net margin of 18.69% and a return on equity of 9.60%. The business had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. During the same period in the previous year, the company earned $1.63 earnings per share. The firm's revenue for the quarter was up 15.1% on a year-over-year basis. On average, research analysts forecast that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Insider Activity

In other Pinnacle Financial Partners news, Director G Kennedy Thompson purchased 10,000 shares of the company's stock in a transaction dated Friday, August 1st. The stock was bought at an average cost of $85.65 per share, for a total transaction of $856,500.00. Following the completion of the transaction, the director owned 28,372 shares in the company, valued at approximately $2,430,061.80. This represents a 54.43% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Thomas C. Farnsworth III purchased 1,000 shares of the company's stock in a transaction dated Friday, August 1st. The stock was acquired at an average price of $84.94 per share, with a total value of $84,940.00. Following the completion of the transaction, the director owned 28,277 shares of the company's stock, valued at $2,401,848.38. This represents a 3.67% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 12,174 shares of company stock worth $1,047,079. Corporate insiders own 1.46% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. KLP Kapitalforvaltning AS raised its holdings in shares of Pinnacle Financial Partners by 0.6% in the 1st quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider's stock worth $1,675,000 after purchasing an additional 100 shares during the period. Sheets Smith Wealth Management grew 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 grew 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. Parallel Advisors LLC grew its stake in Pinnacle Financial Partners by 5.7% in the 1st quarter. Parallel Advisors LLC now owns 2,143 shares of the financial services provider's stock valued at $227,000 after buying an additional 116 shares in the last quarter. Finally, Park Avenue Securities LLC grew its stake in Pinnacle Financial Partners by 1.5% in the 2nd quarter. Park Avenue Securities LLC now owns 8,177 shares of the financial services provider's stock valued at $903,000 after buying an additional 121 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

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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