Pinnacle Financial Partners (NYSE:PNFP) Stock Price Expected to Rise, DA Davidson Analyst Says

Key Points

• DA Davidson raised Pinnacle Financial Partners’ price target from $109 to $112 while maintaining a neutral rating, implying 9.24% potential upside from the prior close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $116.76.
• Pinnacle reported quarterly EPS of $2.50, beating estimates by $0.04, while institutional investors and hedge funds own 87.4% of the stock.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) had its price target increased by analysts at DA Davidson from $109.00 to $112.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. DA Davidson's price target would indicate a potential upside of 9.24% from the company's previous close.

A number of other research firms also recently commented on PNFP. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Tuesday, May 12th. 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. Stephens lifted their target price on Pinnacle Financial Partners from $95.00 to $109.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 30th. UBS Group boosted their target price on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a "buy" rating in a report on Friday, April 24th. Finally, Barclays dropped their price target on 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. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and a consensus target price of $116.76.

Pinnacle Financial Partners Stock Performance

Shares of NYSE PNFP opened at $102.53 on Friday. The stock's 50-day simple moving average is $97.90. The firm has a market cap of $7.95 billion, a price-to-earnings ratio of 14.08, a PEG ratio of 0.41 and a beta of 1.04. Pinnacle Financial Partners has a fifty-two week low of $81.08 and a fifty-two week high of $107.00. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. On average, sell-side analysts forecast that Pinnacle Financial Partners will post 10.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pinnacle Financial Partners

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC boosted its position in shares of Pinnacle Financial Partners by 1,697.4% during the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company's stock worth $306,474,000 after purchasing an additional 3,085,867 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Pinnacle Financial Partners by 80.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company's stock valued at $433,712,000 after purchasing an additional 2,244,659 shares in the last quarter. Nomura Holdings Inc. purchased a new stake in Pinnacle Financial Partners during the third quarter worth $187,822,000. Alyeska Investment Group L.P. acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth $159,545,000. Finally, Norges Bank purchased a new position in Pinnacle Financial Partners during the 4th quarter valued at about $116,349,000. 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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