Pinnacle Financial Partners (NASDAQ:PNFP) Given New $125.00 Price Target at Barclays

Key Points

• Barclays has lowered its price target for Pinnacle Financial Partners from $140.00 to $125.00 while maintaining an "overweight" rating, indicating a potential upside of 36.20% from the current price.
• Other analysts have also revised their targets: Citigroup set a new price target of $120.00, while JPMorgan Chase increased their target to $125.00.
• Pinnacle Financial Partners recently reported a quarterly EPS of $2.00, exceeding analyst expectations and marking a 15.1% year-over-year revenue increase.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) had its price objective dropped by equities researchers at Barclays from $140.00 to $125.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Barclays's price target indicates a potential upside of 36.61% from the stock's previous close.

Several other equities analysts have also issued reports on PNFP. JPMorgan Chase & Co. lifted their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Jefferies Financial Group lowered shares of Pinnacle Financial Partners from a "buy" rating to a "hold" rating and cut their price objective for the company from $145.00 to $110.00 in a report on Friday. UBS Group reaffirmed a "neutral" rating and issued a $121.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, July 9th. Hovde Group raised shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target on the stock in a report on Wednesday, April 16th. Finally, Citigroup cut their price target on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $118.30.

Pinnacle Financial Partners Trading Down 0.4%

Shares of Pinnacle Financial Partners stock traded down $0.35 on Monday, hitting $91.50. 92,681 shares of the company traded hands, compared to its average volume of 622,190. The stock's 50 day moving average price is $109.28 and its 200-day moving average price is $108.96. 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 has a 52 week low of $81.57 and a 52 week high of $131.91. The company has a market cap of $7.10 billion, a PE ratio of 12.14 and a beta of 1.01.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. During the same quarter in the previous year, the firm posted $1.63 earnings per share. The company's revenue was up 15.1% on a year-over-year basis. Equities research analysts predict that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. 1248 Management LLC acquired a new position in shares of Pinnacle Financial Partners in the first quarter worth about $29,000. Ameritas Advisory Services LLC acquired a new position in shares of Pinnacle Financial Partners in the second quarter worth about $45,000. Golden State Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners in the first quarter worth about $48,000. SVB Wealth LLC acquired a new position in shares of Pinnacle Financial Partners in the first quarter worth about $51,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Pinnacle Financial Partners in the first quarter worth about $57,000. 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.