Pinnacle Financial Partners (NYSE:PNFP) Rating Increased to Strong-Buy at TD Cowen

Key Points

• TD Cowen upgraded Pinnacle Financial Partners to a strong-buy; the broader analyst mix sits at 2 Strong Buy, 10 Buy and 7 Hold, yielding a consensus rating of Moderate Buy and a $112.18 consensus target price.
• PNFP opened at $93.70, trading well below the consensus target and its one‑year high of $120.46, with a market capitalization of $7.27 billion and a PE ratio of 11.58.
• The company's CFO purchased 1,000 shares at about $94.52, insiders own 1.46%, and institutional ownership is high at 87.4%, driven by large stake increases such as AQR’s +63.1% to 5.33 million shares.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) was upgraded by investment analysts at TD Cowen to a "strong-buy" rating in a report issued on Monday,Zacks.com reports.

A number of other research firms also recently issued reports on PNFP. JPMorgan Chase & Co. decreased their price target on shares of Pinnacle Financial Partners from $120.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 1st. Weiss Ratings initiated coverage on shares of Pinnacle Financial Partners in a research note on Monday, March 9th. They set a "hold (c+)" rating on the stock. Barclays decreased their price target on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 7th. UBS Group raised shares of Pinnacle Financial Partners from a "neutral" rating to a "buy" rating and upped their price target for the company from $106.00 to $110.00 in a research note on Tuesday, April 7th. Finally, Wall Street Zen raised shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, April 3rd. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $112.18.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $93.70 on Monday. Pinnacle Financial Partners has a one year low of $81.08 and a one year high of $120.46. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $7.27 billion, a PE ratio of 11.58, a P/E/G ratio of 0.31 and a beta of 1.00.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CFO Andrew J. Jr. Gregory bought 1,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, February 12th. The shares were acquired at an average price 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 $4,677,322.20. The trade was a 2.06% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.46% of the company's stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC raised its stake in shares of Pinnacle Financial Partners by 63.1% in the fourth quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company's stock valued at $508,551,000 after acquiring an additional 2,062,504 shares during the period. State Street Corp raised its stake in shares of Pinnacle Financial Partners by 5.5% in the fourth quarter. State Street Corp now owns 3,451,939 shares of the company's stock valued at $329,350,000 after acquiring an additional 179,819 shares during the period. Wellington Management Group LLP raised its stake in shares of Pinnacle Financial Partners by 42.2% in the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company's stock valued at $292,634,000 after acquiring an additional 910,367 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Pinnacle Financial Partners by 4.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,790,636 shares of the company's stock valued at $266,268,000 after acquiring an additional 110,465 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Pinnacle Financial Partners by 9.6% in the fourth quarter. Invesco Ltd. now owns 2,188,080 shares of the company's stock valued at $208,765,000 after acquiring an additional 191,292 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

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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