Barclays Cuts Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $125.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective cut by investment analysts at Barclays from $135.00 to $125.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s target price would indicate a potential upside of 44.40% from the stock’s current price.

A number of other research firms also recently issued reports on PNFP. Stephens reiterated an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. UBS Group started coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective on the stock. Hovde Group decreased their target price on Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating for the company in a research report on Wednesday, April 2nd. Citigroup increased their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st. Finally, Wells Fargo & Company raised their price objective on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $122.91.

Pinnacle Financial Partners Trading Down 1.0 %

PNFP stock traded down $0.90 during midday trading on Tuesday, hitting $86.57. The stock had a trading volume of 486,475 shares, compared to its average volume of 521,973. 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 firm has a market cap of $6.70 billion, a P/E ratio of 14.48 and a beta of 0.94. The business has a fifty day moving average price of $111.66 and a two-hundred day moving average price of $112.42. Pinnacle Financial Partners has a 1-year low of $73.62 and a 1-year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm’s revenue was up 19.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.68 EPS. On average, sell-side analysts predict that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director David B. Ingram sold 40,000 shares of the business’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the transaction, the director now directly owns 40,991 shares of the company’s stock, valued at approximately $5,185,361.50. The trade was a 49.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Glenda Baskin Glover sold 3,000 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $101.55, for a total transaction of $304,650.00. Following the sale, the director now owns 9,943 shares of the company’s stock, valued at $1,009,711.65. This trade represents a 23.18 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 95,350 shares of company stock worth $11,421,320. 1.46% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Institutional investors and hedge funds have recently bought and sold shares of the company. Principal Securities Inc. lifted its position in shares of Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after buying an additional 91 shares during the last quarter. Sage Mountain Advisors LLC boosted its position in Pinnacle Financial Partners by 0.3% during the fourth quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider’s stock worth $4,141,000 after purchasing an additional 99 shares during the period. Utah Retirement Systems increased its stake in shares of Pinnacle Financial Partners by 2.5% in the fourth quarter. Utah Retirement Systems now owns 4,090 shares of the financial services provider’s stock worth $468,000 after purchasing an additional 100 shares in the last quarter. First Horizon Advisors Inc. raised its position in shares of Pinnacle Financial Partners by 3.1% in the fourth quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock valued at $389,000 after purchasing an additional 102 shares during the period. Finally, Cahaba Wealth Management Inc. boosted its holdings in Pinnacle Financial Partners by 1.7% in the 4th quarter. Cahaba Wealth Management Inc. now owns 6,625 shares of the financial services provider’s stock worth $758,000 after buying an additional 113 shares during the period. 87.40% of the stock is owned by institutional investors.

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.