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

Key Points

• Truist Financial raised its price target on Pinnacle Financial Partners from $114 to $115 and kept a buy rating, implying about 18.8% upside from the prior close.
• The broader analyst view remains constructive, with Pinnacle carrying a Moderate Buy consensus and an average target price of $115.19, despite one recent downgrade from Wall Street Zen to sell.
• The company reported better-than-expected quarterly results, posting $2.39 EPS versus $2.30 expected and revenue of $1.22 billion versus $1.20 billion estimated, while shares were down 1.1% on the day to $96.84.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) had its price objective hoisted by equities research analysts at Truist Financial from $114.00 to $115.00 in a research note issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's target price points to a potential upside of 18.76% from the stock's previous close.

A number of other equities research analysts have also recently commented on the company. Evercore reiterated an "outperform" rating and issued a $115.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, April 29th. Wall Street Zen downgraded shares of Pinnacle Financial Partners from a "hold" rating to a "sell" rating in a research note on Monday, May 4th. JPMorgan Chase & Co. lifted their price objective on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the stock an "overweight" rating in a research note on Friday, April 24th. UBS Group lifted their price objective on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. Finally, Weiss Ratings started coverage on shares of Pinnacle Financial Partners in a research report on Monday, March 9th. They set a "hold (c+)" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $115.19.

Pinnacle Financial Partners Stock Down 1.1%

Shares of Pinnacle Financial Partners stock traded down $1.05 during trading on Monday, reaching $96.84. The company's stock had a trading volume of 187,782 shares, compared to its average volume of 1,598,263. Pinnacle Financial Partners has a 1-year low of $81.08 and a 1-year high of $120.46. The company has a 50-day moving average price of $90.44. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $7.51 billion, a P/E ratio of 13.43, a price-to-earnings-growth ratio of 0.37 and a beta of 1.06.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, beating analysts' consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%.The company had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.20 billion. As a group, analysts anticipate that Pinnacle Financial Partners will post 10.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of the business's stock in a transaction on Thursday, February 12th. The stock was bought at an average price of $94.52 per share, with a total value of $94,520.00. Following the completion of the acquisition, the chief financial officer owned 49,485 shares of the company's stock, valued at approximately $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 SEC, which is accessible through the SEC website. Insiders own 1.30% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PNFP. AQR Capital Management LLC increased its stake in shares of Pinnacle Financial Partners by 63.1% during the fourth quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company's stock worth $508,551,000 after purchasing an additional 2,062,504 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Pinnacle Financial Partners by 80.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company's stock valued at $433,712,000 after acquiring an additional 2,244,659 shares in the last quarter. State Street Corp grew its stake in Pinnacle Financial Partners by 5.5% during the 4th 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 in the last quarter. Wellington Management Group LLP grew its stake in Pinnacle Financial Partners by 42.2% during the 4th 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 in the last quarter. Finally, Invesco Ltd. grew its stake in Pinnacle Financial Partners by 9.6% during the 4th 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 in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.