Wells Fargo & Company Cuts Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $105.00

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) had its price objective reduced by stock analysts at Wells Fargo & Company from $125.00 to $105.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's price target points to a potential upside of 13.88% from the company's previous close.

A number of other research analysts have also recently issued reports on the company. Stephens reaffirmed an "overweight" rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Barclays dropped their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. JPMorgan Chase & Co. decreased their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 7th. Hovde Group dropped their price objective on shares of Pinnacle Financial Partners from $135.00 to $120.00 and set a "market perform" rating for the company in a research report on Wednesday, April 2nd. Finally, UBS Group began coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and an average price target of $124.70.

Pinnacle Financial Partners Price Performance

NASDAQ:PNFP traded up $2.16 on Wednesday, reaching $92.20. The stock had a trading volume of 1,163,856 shares, compared to its average volume of 500,776. The company has a market capitalization of $7.13 billion, a P/E ratio of 15.42 and a beta of 0.94. The stock has a fifty day moving average price of $107.69 and a 200-day moving average price of $112.04. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners has a 1-year low of $73.62 and a 1-year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, topping analysts' consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. Research analysts forecast that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Insider Activity

In related news, Director David B. Ingram sold 40,000 shares of the firm's stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the sale, the director now owns 40,991 shares of the company's stock, valued at approximately $5,185,361.50. This trade represents a 49.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Glenda Baskin Glover sold 3,000 shares of the business's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the completion of the transaction, the director now directly owns 9,943 shares of the company's stock, valued at approximately $1,009,711.65. The trade was a 23.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,350 shares of company stock valued at $11,421,320 in the last ninety days. 1.46% of the stock is owned by insiders.

Institutional Trading of Pinnacle Financial Partners

Several hedge funds have recently bought and sold shares of the stock. Quantinno Capital Management LP raised its holdings in shares of Pinnacle Financial Partners by 41.5% during the third quarter. Quantinno Capital Management LP now owns 17,842 shares of the financial services provider's stock worth $1,748,000 after acquiring an additional 5,236 shares during the period. Barclays PLC increased its holdings in Pinnacle Financial Partners by 117.0% during the 3rd quarter. Barclays PLC now owns 167,838 shares of the financial services provider's stock worth $16,442,000 after purchasing an additional 90,478 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Pinnacle Financial Partners by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider's stock valued at $130,192,000 after purchasing an additional 8,604 shares during the period. Sanctuary Advisors LLC lifted its holdings in shares of Pinnacle Financial Partners by 585.1% in the third quarter. Sanctuary Advisors LLC now owns 27,465 shares of the financial services provider's stock valued at $2,691,000 after purchasing an additional 23,456 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. acquired a new position in shares of Pinnacle Financial Partners during the third quarter worth about $229,000. 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.