Stephens Issues Pessimistic Forecast for Pinnacle Financial Partners (NASDAQ:PNFP) Stock Price

Key Points

• Stephens has lowered its price target for Pinnacle Financial Partners from $104.00 to $97.00, while maintaining an "equal weight" rating on the stock, which suggests a potential upside of 14.47% from its current price.
• Pinnacle Financial Partners reported earnings of $2.27 per share for the last quarter, surpassing analysts' expectations of $2.05, alongside a total revenue of $544.80 million.
• The stock is currently valued at $84.74, reflecting a decline of 5.9%, with an average target price of $110.45 based on ratings from multiple brokerages.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) had its price target reduced by equities researchers at Stephens from $104.00 to $97.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Stephens' target price would indicate a potential upside of 14.47% from the stock's current price.

Several other brokerages also recently issued reports on PNFP. Barclays set a $120.00 target price on Pinnacle Financial Partners in a research note on Wednesday, October 8th. Citigroup cut their price target on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating for the company in a report on Friday, July 25th. TD Cowen began coverage on Pinnacle Financial Partners in a report on Thursday, September 25th. They set a "buy" rating and a $122.00 price target for the company. JPMorgan Chase & Co. raised their price target on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Finally, Truist Financial cut their price target on Pinnacle Financial Partners from $111.00 to $107.00 and set a "buy" rating for the company in a report on Wednesday, September 24th. Six investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $110.45.

Pinnacle Financial Partners Stock Down 5.9%

Shares of PNFP opened at $84.74 on Friday. The business's 50 day moving average is $94.29 and its 200 day moving average is $100.55. The company has a market capitalization of $6.57 billion, a PE ratio of 10.77 and a beta of 1.02. Pinnacle Financial Partners has a 12-month low of $81.57 and a 12-month high of $131.91. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.22. The company had revenue of $544.80 million for the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a return on equity of 10.03% and a net margin of 19.17%.During the same quarter last year, the company earned $1.86 EPS. Research analysts expect that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Insider Transactions at Pinnacle Financial Partners

In related news, Director Thomas C. Farnsworth III bought 1,000 shares of the company's stock in a transaction dated Friday, August 1st. The stock was purchased at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the acquisition, the director owned 28,277 shares in the company, valued at $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Harold R. Carpenter bought 1,000 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was bought at an average price of $89.73 per share, with a total value of $89,730.00. Following the acquisition, the chief financial officer owned 105,050 shares in the company, valued at approximately $9,426,136.50. This trade represents a 0.96% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 12,174 shares of company stock worth $1,047,079. 1.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds have recently made changes to their positions in PNFP. 1248 Management LLC purchased a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth $29,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of Pinnacle Financial Partners in the 2nd quarter worth $38,000. MAI Capital Management lifted its holdings in shares of Pinnacle Financial Partners by 79.4% in the 2nd quarter. MAI Capital Management now owns 366 shares of the financial services provider's stock worth $40,000 after buying an additional 162 shares during the period. Spurstone Advisory Services LLC purchased a new stake in shares of Pinnacle Financial Partners in the 2nd quarter worth $41,000. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Pinnacle Financial Partners in the 2nd quarter worth $45,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.

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