Wells Fargo & Company Increases Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $125.00

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) had its price objective lifted by investment analysts at Wells Fargo & Company from $105.00 to $125.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's price target would suggest a potential upside of 5.75% from the stock's current price.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. increased their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. 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. Keefe, Bruyette & Woods reduced their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. UBS Group restated a "neutral" rating and set a $121.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday. Finally, Citigroup raised their target price on Pinnacle Financial Partners from $126.00 to $134.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, Pinnacle Financial Partners has a consensus rating of "Moderate Buy" and an average price target of $124.82.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP traded down $1.43 during trading on Thursday, reaching $118.20. The stock had a trading volume of 441,639 shares, compared to its average volume of 508,111. Pinnacle Financial Partners has a one year low of $81.57 and a one year high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $9.17 billion, a PE ratio of 19.13 and a beta of 1.01. The firm's 50 day moving average price is $108.98 and its two-hundred day moving average price is $109.38.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.98% and a return on equity of 9.29%. The firm had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. During the same quarter in the previous year, the firm earned $1.53 earnings per share. On average, research analysts forecast that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds have recently modified their holdings of the company. Utah Retirement Systems grew its holdings in Pinnacle Financial Partners by 2.5% during the fourth quarter. Utah Retirement Systems now owns 4,090 shares of the financial services provider's stock worth $468,000 after acquiring an additional 100 shares during the period. KLP Kapitalforvaltning AS boosted its position 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 valued at $1,675,000 after purchasing an additional 100 shares in the last quarter. Brooklyn Investment Group grew its stake in shares of Pinnacle Financial Partners by 15.3% in the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock worth $88,000 after purchasing an additional 110 shares during the last quarter. Cahaba Wealth Management Inc. raised its holdings in shares of Pinnacle Financial Partners by 1.7% in 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 in the last quarter. Finally, Parallel Advisors LLC lifted its stake in Pinnacle Financial Partners by 5.7% during the first quarter. Parallel Advisors LLC now owns 2,143 shares of the financial services provider's stock valued at $227,000 after purchasing an additional 116 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Company Profile

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.