Pinnacle Financial Partners (NASDAQ:PNFP) Raised to Outperform at Hovde Group

Pinnacle Financial Partners (NASDAQ:PNFP) was upgraded by equities research analysts at Hovde Group from a “market perform” rating to an “outperform” rating in a research note issued to investors on Wednesday, Marketbeat.com reports. The firm presently has a $111.00 target price on the financial services provider’s stock. Hovde Group’s target price would suggest a potential upside of 17.63% from the stock’s current price.

Several other equities research analysts also recently issued reports on the stock. Barclays lowered their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. UBS Group assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target for the company. JPMorgan Chase & Co. lowered their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Wells Fargo & Company lowered their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. Finally, Citigroup upped their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $123.80.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $94.36 on Wednesday. The company has a market capitalization of $7.30 billion, a price-to-earnings ratio of 15.78 and a beta of 0.94. Pinnacle Financial Partners has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The stock’s fifty day simple moving average is $106.39 and its 200-day simple moving average is $111.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.08. The business had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same period in the prior year, the firm earned $1.53 earnings per share. On average, sell-side analysts predict that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 10,309 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $126.00, for a total value of $1,298,934.00. Following the transaction, the director now directly owns 82,256 shares of the company’s stock, valued at $10,364,256. This trade represents a 11.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the sale, the chairman now directly owns 83,000 shares in the company, valued at $9,446,230. This trade represents a 32.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,350 shares of company stock worth $11,421,320. Insiders own 1.46% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

A number of institutional investors have recently bought and sold shares of PNFP. Kapitalo Investimentos Ltda acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter valued at $78,000. UMB Bank n.a. increased its position in Pinnacle Financial Partners by 48.1% in the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock valued at $84,000 after buying an additional 239 shares in the last quarter. Principal Securities Inc. boosted its holdings in Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 91 shares in the last quarter. Trust Co. of Vermont bought a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $97,000. Finally, Values First Advisors Inc. lifted its holdings in shares of Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock worth $167,000 after purchasing an additional 955 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

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.