Pinnacle Financial Partners (NYSE:PNFP) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan raised its price target on Pinnacle to $120 (from $105) and holds an "overweight" rating, implying about a 23.18% upside from the prior close.
• Pinnacle beat expectations last quarter with $2.39 EPS vs. $2.30 expected and revenue of $1.22B vs. $1.20B, while reporting a 13.48% return on equity and a 15.02% net margin.
• The stock recently traded at $97.42, below the analyst consensus target of $113.81 and the 52-week high of $120.46, with an overall consensus rating of "Moderate Buy".

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) had its target price boosted by equities research analysts at JPMorgan Chase & Co. from $105.00 to $120.00 in a report released on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 23.18% from the stock's previous close.

PNFP has been the topic of a number of other reports. TD Cowen raised Pinnacle Financial Partners to a "strong-buy" rating in a report on Monday, April 13th. Keefe, Bruyette & Woods raised their price objective on Pinnacle Financial Partners from $95.00 to $100.00 and gave the company a "market perform" rating in a report on Friday, January 9th. Barclays decreased their price objective on Pinnacle Financial Partners from $135.00 to $130.00 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. DA Davidson began coverage on Pinnacle Financial Partners in a research report on Monday, January 5th. They set a "neutral" rating and a $110.00 price target on the stock. Finally, Piper Sandler raised their price target on Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 28th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $113.81.

Pinnacle Financial Partners Stock Performance

Shares of NYSE PNFP traded down $1.66 during trading hours on Friday, reaching $97.42. 455,983 shares of the stock traded hands, compared to its average volume of 1,623,723. The stock has a market cap of $7.56 billion, a price-to-earnings ratio of 13.52, a P/E/G ratio of 0.32 and a beta of 1.00. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Pinnacle Financial Partners has a 52-week low of $81.08 and a 52-week high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, beating analysts' consensus estimates 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 13.48% and a net margin of 15.02%. On average, sell-side analysts anticipate that Pinnacle Financial Partners will post 10.27 EPS for the current fiscal year.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory acquired 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, for a total transaction of $94,520.00. Following the transaction, the chief financial officer owned 49,485 shares in the company, valued at $4,677,322.20. This represents a 2.06% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.46% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of large investors have recently made changes to their positions in PNFP. Brown Brothers Harriman & Co. bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $26,000. High Point Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $27,000. BOKF NA grew its position in shares of Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company's stock worth $27,000 after buying an additional 265 shares during the last quarter. Activest Wealth Management bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $28,000. Finally, Covestor Ltd grew its position in shares of Pinnacle Financial Partners by 193.9% in the 3rd quarter. Covestor Ltd now owns 338 shares of the company's stock worth $32,000 after buying an additional 223 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

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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