Keefe, Bruyette & Woods Has Lowered Expectations for Pinnacle Financial Partners (NASDAQ:PNFP) Stock Price

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective reduced by stock analysts at Keefe, Bruyette & Woods from $130.00 to $115.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 21.37% from the company’s current price.

A number of other brokerages have also recently issued reports on PNFP. Wells Fargo & Company cut their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Barclays dropped their target price on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Citigroup increased their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Hovde Group upgraded shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 target price for the company in a report on Wednesday. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $119.50.

Pinnacle Financial Partners Trading Up 0.4 %

Shares of Pinnacle Financial Partners stock opened at $94.75 on Thursday. The firm’s 50-day moving average price is $105.81 and its two-hundred day moving average price is $111.77. Pinnacle Financial Partners has a 12-month low of $73.62 and a 12-month high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $7.33 billion, a price-to-earnings ratio of 15.84 and a beta of 0.94.

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

Insiders Place Their Bets

In other news, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the sale, the director now 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 document filed with the SEC, which is accessible through this hyperlink. Also, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the transaction, the director now directly owns 9,943 shares of the company’s stock, valued at approximately $1,009,711.65. This trade represents a 23.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,350 shares of company stock valued at $11,421,320 in the last quarter. Insiders own 1.46% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Hedge funds have recently bought and sold shares of the business. Norges Bank bought a new position in Pinnacle Financial Partners during the fourth quarter valued at approximately $101,798,000. North Reef Capital Management LP grew its holdings in shares of Pinnacle Financial Partners by 57.1% in the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock worth $221,917,000 after acquiring an additional 705,000 shares during the period. Van Lanschot Kempen Investment Management N.V. bought a new position in Pinnacle Financial Partners in the fourth quarter valued at about $78,110,000. Capital Research Global Investors boosted its position in Pinnacle Financial Partners by 57.0% in the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock worth $178,425,000 after purchasing an additional 566,061 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at about $44,737,000. Hedge funds and other 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.