Pinnacle Financial Partners (NYSE:PNFP) Price Target Lowered to $125.00 at Benchmark

Key Points

• Benchmark lowered its price target on Pinnacle Financial Partners from $132 to $125, while keeping a buy rating. The new target still implies about 25.47% upside from the stock’s recent price.
• Recent analyst sentiment remains generally positive, with multiple firms maintaining or raising ratings, including Weiss Ratings upgrading the stock to buy and Citigroup lifting its target to $126. Overall, the stock has an average Moderate Buy rating and a mean price target of $116.50.
• Pinnacle reported better-than-expected quarterly earnings of $2.50 per share versus estimates of $2.46, while revenue matched expectations at $1.24 billion. The company also has strong institutional ownership, with 87.40% of shares held by institutions and hedge funds.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) had its price target cut by research analysts at Benchmark from $132.00 to $125.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Benchmark's price objective suggests a potential upside of 25.47% from the stock's current price.

PNFP has been the subject of several other reports. Weiss Ratings upgraded Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, June 26th. Evercore reaffirmed an "outperform" rating and set a $120.00 target price on shares of Pinnacle Financial Partners in a report on Monday, July 6th. Citigroup upped their price objective on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a "buy" rating in a research note on Thursday, June 25th. TD Cowen dropped their price target on Pinnacle Financial Partners from $125.00 to $121.00 and set a "buy" rating for the company in a research report on Monday, April 27th. Finally, Piper Sandler restated an "overweight" rating on shares of Pinnacle Financial Partners in a report on Wednesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $116.50.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $99.63 on Friday. The stock has a market cap of $7.73 billion, a P/E ratio of 13.69, a P/E/G ratio of 0.39 and a beta of 1.04. Pinnacle Financial Partners has a 12 month low of $81.08 and a 12 month high of $107.14. The company has a fifty day simple moving average of $97.73. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.46 by $0.04. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a return on equity of 12.42% and a net margin of 15.40%. As a group, sell-side analysts forecast that Pinnacle Financial Partners will post 10.18 earnings per share for the current year.

Institutional Trading of Pinnacle Financial Partners

A number of large investors have recently made changes to their positions in the company. Resources Management Corp CT ADV purchased a new stake in shares of Pinnacle Financial Partners in the first quarter valued at approximately $26,000. Brown Brothers Harriman & Co. purchased a new position in Pinnacle Financial Partners in the third quarter worth $26,000. High Point Wealth Management LLC acquired a new stake in Pinnacle Financial Partners in the fourth quarter valued at $27,000. BOKF NA lifted its holdings in Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company's stock valued at $27,000 after acquiring an additional 265 shares during the period. Finally, Activest Wealth Management acquired a new stake in Pinnacle Financial Partners in the fourth quarter valued at $28,000. 87.40% of the stock is owned by institutional investors and hedge funds.

About Pinnacle Financial Partners

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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