Pinnacle Financial Partners (NYSE:PNFP) Upgraded at UBS Group

Key Points

• UBS upgraded Pinnacle Financial Partners from "neutral" to "buy" and set a $110 price target, implying roughly a 24.7% upside from the current price.
• The stock holds a consensus rating of Moderate Buy with a consensus target of $112.47 after several analysts (Piper Sandler, Citi, BofA among them) raised price targets or reiterated bullish views.
• CFO Andrew J. Gregory recently bought 1,000 shares at $94.52; Pinnacle trades around $88.20, has a P/E of 10.9 and a market cap of about $6.84 billion, while insiders own roughly 1.46% and institutions hold ~87.4%.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) was upgraded by equities researchers at UBS Group from a "neutral" rating to a "buy" rating in a research report issued on Tuesday,Finviz reports. The firm presently has a $110.00 price target on the stock. UBS Group's price target suggests a potential upside of 24.72% from the company's current price.

A number of other analysts also recently issued reports on the stock. Piper Sandler lifted their price objective on shares of Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an "overweight" rating in a report on Wednesday, January 28th. Citigroup lifted their price objective on shares of Pinnacle Financial Partners from $118.00 to $122.00 and gave the stock a "buy" rating in a report on Monday, January 26th. Keefe, Bruyette & Woods lifted their price objective on shares of Pinnacle Financial Partners from $95.00 to $100.00 and gave the stock a "market perform" rating in a report on Friday, January 9th. Truist Financial set a $100.00 price objective on shares of Pinnacle Financial Partners in a report on Friday, January 9th. Finally, Bank of America started coverage on shares of Pinnacle Financial Partners in a report on Monday, December 8th. They set a "buy" rating and a $113.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $112.47.

Pinnacle Financial Partners Price Performance

Shares of NYSE:PNFP opened at $88.20 on Tuesday. Pinnacle Financial Partners has a one year low of $81.08 and a one year high of $120.46. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $6.84 billion, a price-to-earnings ratio of 10.90, a PEG ratio of 0.40 and a beta of 1.00.

Insider Buying and Selling

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory bought 1,000 shares of the firm's stock in a transaction that occurred on Thursday, February 12th. The shares were bought at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the transaction, the chief financial officer directly owned 49,485 shares in the company, valued at $4,677,322.20. This trade represents a 2.06% increase in their ownership of the stock. The purchase 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.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of hedge funds have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. increased its position in shares of Pinnacle Financial Partners by 1.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company's stock valued at $704,000 after acquiring an additional 116 shares during the period. Villanova Investment Management Co LLC increased its position in shares of Pinnacle Financial Partners by 0.4% in the fourth quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company's stock valued at $2,720,000 after acquiring an additional 118 shares during the period. EJF Capital LLC increased its position in shares of Pinnacle Financial Partners by 2.5% in the second quarter. EJF Capital LLC now owns 5,138 shares of the company's stock valued at $567,000 after acquiring an additional 127 shares during the period. Profund Advisors LLC increased its position in shares of Pinnacle Financial Partners by 4.6% in the third quarter. Profund Advisors LLC now owns 2,895 shares of the company's stock valued at $272,000 after acquiring an additional 127 shares during the period. Finally, Diversified Trust Co. increased its position in shares of Pinnacle Financial Partners by 0.3% in the fourth quarter. Diversified Trust Co. now owns 54,349 shares of the company's stock valued at $5,185,000 after acquiring an additional 137 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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