Pinnacle Financial Partners Stock Rating Upgraded by Wunderlich (PNFP)
Pinnacle Financial Partners (NASDAQ:PNFP) was upgraded by Wunderlich from a “hold” rating to a “buy” rating in a research note issued on Monday, TheFlyOnTheWall.com reports. The firm currently has a $34.00 target price on the stock, up from their previous target price of $31.00. Wunderlich’s price target suggests a potential upside of 18.84% from the company’s current price.
The analysts wrote, “We are upgrading shares of Pinnacle Financial Partners (PNFP) to Buy from Hold and we are raising our price target by $3 to $34 following three days of meetings with institutional investors on the West Coast last week. Halfway through its three-year profitability and growth plan, PNFP is on target to meet or exceed its profitability targets by year-end 2014, which calls for PNFP to achieve an ROAA between 1.10% and 1.30%, along with double digit net loan growth. We believe there is a high probability that PNFP will achieve both its growth and profitability targets, which implies potential EPS of $2.00 (vs. $1.83 consensus for 2014). Despite this, PNFP shares trade at a discount to Southern peers, and we believe current levels offer an attractive entry point for growth oriented investors.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks upgraded shares of Pinnacle Financial Partners from a “neutral” rating to an “outperform” rating in a research note to investors on Friday, July 19th. They now have a $30.20 price target on the stock. Separately, analysts at Keefe, Bruyette & Woods raised their price target on shares of Pinnacle Financial Partners from $28.00 to $30.00 in a research note to investors on Thursday, July 18th. They now have a “market perform” rating on the stock. Finally, analysts at Raymond James upgraded shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating in a research note to investors on Thursday, July 18th. They now have a $30.00 price target on the stock.
One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $28.62.
Shares of Pinnacle Financial Partners (NASDAQ:PNFP) traded up 0.94% during mid-day trading on Monday, hitting $28.88. The stock had a trading volume of 12,826 shares. Pinnacle Financial Partners has a 52 week low of $18.05 and a 52 week high of $29.52. The stock’s 50-day moving average is $28.33 and its 200-day moving average is $25.07. The company has a market cap of $991.7 million and a price-to-earnings ratio of 19.48.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 16th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.03. The company had revenue of $55.00 million for the quarter, compared to the consensus estimate of $4.61 billion. During the same quarter in the previous year, the company posted $0.23 earnings per share. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. On average, analysts predict that Pinnacle Financial Partners will post $1.65 earnings per share for the current fiscal year.
Pinnacle Financial Partners, Inc (NASDAQ:PNFP) is a bank holding company.
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