Pinnacle Financial Partners (NASDAQ:PNFP) Receives Market Perform Rating from Keefe, Bruyette & Woods

Pinnacle Financial Partners (NASDAQ:PNFP)‘s stock had its “market perform” rating reissued by equities research analysts at Keefe, Bruyette & Woods in a research note issued on Wednesday,Benzinga reports. They currently have a $135.00 price target on the financial services provider’s stock, up from their prior price target of $115.00. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 8.68% from the company’s previous close.

Several other equities research analysts have also issued reports on the stock. Wells Fargo & Company lifted their target price on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a research report on Tuesday. Stephens upped their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Barclays raised their price target on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Truist Financial upped their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a report on Monday, November 18th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus price target of $112.55.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $124.22 on Wednesday. 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 0.42. The firm has a market capitalization of $9.60 billion, a PE ratio of 23.62 and a beta of 1.08. The firm’s 50 day simple moving average is $109.98 and its 200 day simple moving average is $95.12.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The business had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same period in the prior year, the company earned $1.79 EPS. As a group, analysts expect that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently modified their holdings of PNFP. GAMMA Investing LLC increased its stake in shares of Pinnacle Financial Partners by 26.7% in the 2nd quarter. GAMMA Investing LLC now owns 853 shares of the financial services provider’s stock worth $68,000 after acquiring an additional 180 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth $366,000. Artemis Investment Management LLP grew its position in shares of Pinnacle Financial Partners by 2.9% during the 2nd quarter. Artemis Investment Management LLP now owns 526,696 shares of the financial services provider’s stock valued at $42,157,000 after acquiring an additional 14,811 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in shares of Pinnacle Financial Partners by 11.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 9,670 shares of the financial services provider’s stock worth $774,000 after purchasing an additional 966 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC raised its holdings in Pinnacle Financial Partners by 18.2% in the 2nd quarter. Hunter Perkins Capital Management LLC now owns 14,735 shares of the financial services provider’s stock worth $1,179,000 after purchasing an additional 2,265 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

About Pinnacle Financial Partners

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.