Pinnacle Financial Partners (NYSE:PNFP) Price Target Lowered to $121.00 at TD Cowen

Key Points

• TD Cowen lowered its price target on Pinnacle Financial Partners to $121 (from $125) but kept a "buy" rating, implying roughly a 23.5% upside from the current price.
• Pinnacle slightly beat quarterly expectations, reporting EPS of $2.39 versus $2.30 and revenue of $1.22 billion versus $1.20 billion, with analysts projecting FY EPS of 10.29.
• PNFP trades near $97.98 with a market cap of $7.6 billion, a P/E of 13.59 and a 52‑week range of $81.08–$120.46; MarketBeat’s consensus is a "Moderate Buy" with an average target of $113.56.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) had its price objective lowered by stock analysts at TD Cowen from $125.00 to $121.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. TD Cowen's price objective would suggest a potential upside of 23.50% from the company's current price.

Several other brokerages have also recently weighed in on PNFP. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Pinnacle Financial Partners in a research note on Thursday, January 22nd. JPMorgan Chase & Co. upped their price target on Pinnacle Financial Partners from $105.00 to $120.00 and gave the stock an "overweight" rating in a research note on Friday. DA Davidson initiated coverage on Pinnacle Financial Partners in a research note on Monday, January 5th. They issued a "neutral" rating and a $110.00 price target on the stock. UBS Group upped their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a "buy" rating in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft set a $116.00 target price on Pinnacle Financial Partners and gave the stock a "buy" rating in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of "Moderate Buy" and an average target price of $113.56.

Pinnacle Financial Partners Price Performance

PNFP stock traded up $2.14 during midday trading on Monday, hitting $97.98. The stock had a trading volume of 788,293 shares, compared to its average volume of 1,625,565. The stock has a market cap of $7.60 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 0.32 and a beta of 1.00. Pinnacle Financial Partners has a 52-week low of $81.08 and a 52-week high of $120.46. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.09. The company had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. Research analysts expect that Pinnacle Financial Partners will post 10.29 EPS for the current fiscal year.

Insider Activity at Pinnacle Financial Partners

In related news, CFO Andrew J. Jr. Gregory bought 1,000 shares of the business's stock in a transaction dated Thursday, February 12th. The shares were purchased at an average cost of $94.52 per share, with a total value of $94,520.00. Following the completion of the purchase, the chief financial officer owned 49,485 shares in the company, valued at approximately $4,677,322.20. The trade was a 2.06% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of institutional investors have recently modified their holdings of PNFP. Y Intercept Hong Kong Ltd bought a new position in shares of Pinnacle Financial Partners during the first quarter valued at $977,000. Leonteq Securities AG bought a new stake in Pinnacle Financial Partners in the 1st quarter worth about $38,000. Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new position in Pinnacle Financial Partners during the 1st quarter valued at about $3,776,000. Jamison Private Wealth Management Inc. bought a new position in Pinnacle Financial Partners during the 1st quarter valued at about $215,000. Finally, Patten Group Inc. lifted its stake in Pinnacle Financial Partners by 2.0% during the 1st quarter. Patten Group Inc. now owns 19,603 shares of the company's stock valued at $1,689,000 after acquiring an additional 386 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners NYSE: PNFP is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.

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