Pinnacle Financial Partners (NASDAQ:PNFP) Raised to Outperform at Hovde Group

Pinnacle Financial Partners (NASDAQ:PNFP) was upgraded by research analysts at Hovde Group from a “market perform” rating to an “outperform” rating in a note issued to investors on Wednesday, MarketBeat reports. The firm presently has a $111.00 price objective on the financial services provider’s stock. Hovde Group’s price target points to a potential upside of 16.71% from the company’s current price.

Several other equities research analysts also recently weighed in on PNFP. UBS Group initiated coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target for the company. Barclays dropped their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. JPMorgan Chase & Co. decreased their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Wells Fargo & Company dropped their price objective on shares of 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. Finally, Citigroup raised their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st. 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 company has an average rating of “Moderate Buy” and a consensus target price of $119.50.

Pinnacle Financial Partners Stock Up 0.4 %

NASDAQ:PNFP opened at $95.11 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $7.36 billion, a P/E ratio of 15.90 and a beta of 0.94. The company’s 50-day simple moving average is $105.27 and its 200-day simple moving average is $111.75. Pinnacle Financial Partners has a fifty-two week low of $73.62 and a fifty-two week high of $131.91.

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

Insider Buying and Selling

In other news, CEO M Terry Turner sold 2,000 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the sale, the chief executive officer now directly owns 254,552 shares of the company’s stock, valued at $25,615,567.76. This represents a 0.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 value of $304,650.00. Following the completion of the transaction, the director now owns 9,943 shares of the company’s stock, valued at approximately $1,009,711.65. This represents a 23.18 % decrease in their position. 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 over the last ninety days. Company insiders own 1.46% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of hedge funds have recently bought and sold shares of the business. KBC Group NV raised its stake in shares of Pinnacle Financial Partners by 1,054.3% during the 4th quarter. KBC Group NV now owns 26,722 shares of the financial services provider’s stock worth $3,057,000 after buying an additional 24,407 shares during the period. Artemis Investment Management LLP increased its stake in shares of Pinnacle Financial Partners by 2.6% during the fourth quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider’s stock worth $55,213,000 after purchasing an additional 12,455 shares in the last quarter. Geode Capital Management LLC lifted its stake in Pinnacle Financial Partners by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after buying an additional 8,604 shares in the last quarter. Beacon Capital Management LLC boosted its holdings in Pinnacle Financial Partners by 101,563.6% in the 4th quarter. Beacon Capital Management LLC now owns 22,366 shares of the financial services provider’s stock worth $2,558,000 after buying an additional 22,344 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after acquiring an additional 208,938 shares in the last quarter. 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.