Truist Financial Forecasts Strong Price Appreciation for Pinnacle Financial Partners (NYSE:PNFP) Stock

Key Points

• Truist Financial raised its price target for Pinnacle Financial Partners from $115 to $118 while maintaining a “buy” rating, implying 14.32% potential upside. Analysts overall give PNFP a “Moderate Buy” consensus rating with an average target of $117.
• Pinnacle reported quarterly earnings of $2.50 per share, exceeding the $2.46 consensus estimate, while revenue reached $1.24 billion. Analysts expect full-year earnings of approximately $10.18 per share.
• PNFP shares opened at $103.22, near their 12-month high of $107, and institutional investors own 87.4% of outstanding shares after several funds recently initiated or increased positions.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) had its target price raised by research analysts at Truist Financial from $115.00 to $118.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's target price points to a potential upside of 14.32% from the company's current price.

A number of other research firms have also issued reports on PNFP. Evercore reiterated an "outperform" rating and set a $120.00 price objective on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Barclays dropped their price target on shares of 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. Stephens set a $112.00 target price on shares of Pinnacle Financial Partners in a research report on Monday. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating for the company in a research note on Friday. Finally, Benchmark decreased their target price on Pinnacle Financial Partners from $132.00 to $125.00 and set a "buy" rating on the stock in a research note on Friday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $117.00.

Pinnacle Financial Partners Stock Up 0.6%

PNFP stock opened at $103.22 on Tuesday. The firm has a fifty day moving average price of $98.07. The firm has a market capitalization of $8.01 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 0.41 and a beta of 1.04. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. Pinnacle Financial Partners has a 12-month low of $81.08 and a 12-month high of $107.00.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping 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 firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Research analysts expect that Pinnacle Financial Partners will post 10.18 earnings per share for the current year.

Institutional Investors Weigh In On Pinnacle Financial Partners

Institutional investors have recently bought and sold shares of the company. Processus Wealth & Capital Management LLC purchased a new position in Pinnacle Financial Partners during the 2nd quarter worth $721,000. Ballast Inc. purchased a new position in shares of Pinnacle Financial Partners in the 2nd quarter valued at about $393,000. Handelsbanken Fonder AB raised its position in Pinnacle Financial Partners by 27.0% during the second quarter. Handelsbanken Fonder AB now owns 235,281 shares of the company's stock worth $23,735,000 after acquiring an additional 50,000 shares during the period. Revolve Wealth Partners LLC purchased a new position in shares of Pinnacle Financial Partners in the second quarter valued at approximately $465,000. Finally, Gradient Investments LLC grew its holdings in shares of Pinnacle Financial Partners by 10.6% during the second quarter. Gradient Investments LLC now owns 46,256 shares of the company's stock worth $4,666,000 after buying an additional 4,436 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

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.

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