TD Cowen Upgrades Pinnacle Financial Partners (NYSE:PNFP) to “Strong-Buy”

Pinnacle Financial Partners (NYSE:PNFP) was upgraded by investment analysts at TD Cowen to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft set a $116.00 price target on shares of Pinnacle Financial Partners and gave the stock a “buy” rating in a research note on Wednesday, January 21st. Raymond James Financial reissued a “strong-buy” rating on shares of Pinnacle Financial Partners in a research note on Thursday, January 22nd. Barclays cut their price target on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $120.00 to $105.00 and set an “overweight” rating for the company in a research note on Wednesday, April 1st. Finally, Weiss Ratings started coverage on shares of Pinnacle Financial Partners in a research note on Monday, March 9th. They issued a “hold (c+)” rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $112.18.

Pinnacle Financial Partners Price Performance

PNFP stock traded up $0.41 during midday trading on Monday, reaching $94.12. The company had a trading volume of 325,786 shares, compared to its average volume of 1,636,733. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. Pinnacle Financial Partners has a 1 year low of $81.08 and a 1 year high of $120.46. The stock has a market cap of $7.30 billion, a PE ratio of 11.62, a P/E/G ratio of 0.31 and a beta of 1.00.

Insider Activity

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of the business’s stock in a transaction dated 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 purchase, the chief financial officer owned 49,485 shares of the company’s stock, valued at approximately $4,677,322.20. This trade represents a 2.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.46% of the company’s stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in Pinnacle Financial Partners by 63.1% during the 4th quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock valued at $508,551,000 after buying an additional 2,062,504 shares during the period. State Street Corp boosted its position 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 buying an additional 179,819 shares during the period. Wellington Management Group LLP boosted its position 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 buying an additional 910,367 shares during the period. Dimensional Fund Advisors LP boosted its position in Pinnacle Financial Partners by 4.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,790,636 shares of the company’s stock valued at $266,268,000 after buying an additional 110,465 shares during the period. Finally, Invesco Ltd. boosted its position 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 buying an additional 191,292 shares during the period. 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.