Truist Securities Raises Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $120.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target increased by investment analysts at Truist Securities from $105.00 to $120.00 in a research note issued on Thursday, Stock Target Advisor reports. The firm currently has a “buy” rating on the financial services provider’s stock. Truist Securities’ target price would suggest a potential upside of 17.19% from the company’s previous close.

PNFP has been the subject of several other reports. JPMorgan Chase & Co. upped their price target on shares of Pinnacle Financial Partners from $113.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday. Zacks Investment Research cut shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research report on Friday, October 1st. Finally, Truist upped their price target on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $103.22.

PNFP stock traded up $0.65 during trading on Thursday, reaching $102.40. 7,533 shares of the company were exchanged, compared to its average volume of 377,754. The company has a 50-day moving average of $94.60 and a two-hundred day moving average of $91.05. The company has a market capitalization of $7.79 billion, a price-to-earnings ratio of 16.68 and a beta of 1.39. Pinnacle Financial Partners has a twelve month low of $37.77 and a twelve month high of $103.90. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Monday, October 11th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.55 by $0.20. The business had revenue of $341.64 million during the quarter, compared to analysts’ expectations of $328.81 million. Pinnacle Financial Partners had a net margin of 34.35% and a return on equity of 10.35%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.45 EPS. On average, analysts forecast that Pinnacle Financial Partners will post 6.35 EPS for the current year.

In other Pinnacle Financial Partners news, CAO Hugh M. Queener sold 843 shares of the firm’s stock in a transaction on Wednesday, September 1st. The shares were sold at an average price of $95.41, for a total value of $80,430.63. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO M Terry Turner sold 79,340 shares of the firm’s stock in a transaction on Monday, September 13th. The shares were sold at an average price of $94.27, for a total transaction of $7,479,381.80. Following the completion of the transaction, the chief executive officer now directly owns 172,457 shares in the company, valued at $16,257,521.39. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of PNFP. Macquarie Group Ltd. increased its stake in shares of Pinnacle Financial Partners by 1,676.0% in the second quarter. Macquarie Group Ltd. now owns 1,221,348 shares of the financial services provider’s stock worth $107,833,000 after purchasing an additional 1,152,578 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Pinnacle Financial Partners by 216.1% in the second quarter. JPMorgan Chase & Co. now owns 856,138 shares of the financial services provider’s stock worth $75,588,000 after purchasing an additional 585,305 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Pinnacle Financial Partners by 69.5% in the second quarter. Alliancebernstein L.P. now owns 1,012,454 shares of the financial services provider’s stock worth $89,390,000 after purchasing an additional 415,126 shares in the last quarter. State Street Corp increased its stake in shares of Pinnacle Financial Partners by 11.8% in the second quarter. State Street Corp now owns 3,308,590 shares of the financial services provider’s stock worth $292,115,000 after purchasing an additional 347,966 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado increased its stake in shares of Pinnacle Financial Partners by 2,925.0% in the second quarter. Public Employees Retirement Association of Colorado now owns 289,676 shares of the financial services provider’s stock worth $25,576,000 after purchasing an additional 280,100 shares in the last quarter. Institutional investors and hedge funds own 80.67% of the company’s stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.

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