Pinnacle Financial Partners (NASDAQ:PNFP) PT Raised to $120.00 at Truist

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective hoisted by Truist from $105.00 to $120.00 in a research report issued on Thursday, The Fly reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist’s price objective would suggest a potential upside of 17.46% from the stock’s current price. The analysts noted that the move was a valuation call.

PNFP has been the subject of a number of other reports. JPMorgan Chase & Co. upped their target price on Pinnacle Financial Partners from $113.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday. Zacks Investment Research cut shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Friday, October 1st. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $101.13.

NASDAQ PNFP traded up $0.41 during mid-day trading on Thursday, hitting $102.16. The stock had a trading volume of 4,968 shares, compared to its average volume of 377,754. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. The company has a 50 day simple moving average of $94.60 and a 200 day simple moving average of $91.05. The company has a market cap of $7.78 billion, a price-to-earnings ratio of 16.63 and a beta of 1.39. Pinnacle Financial Partners has a 52-week low of $37.77 and a 52-week high of $103.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Monday, October 11th. The financial services provider reported $1.75 EPS for the quarter, topping the Zacks’ consensus estimate of $1.55 by $0.20. Pinnacle Financial Partners had a return on equity of 10.35% and a net margin of 34.35%. The company had revenue of $341.64 million for the quarter, compared to analysts’ expectations of $328.81 million. During the same quarter in the previous year, the firm posted $1.45 earnings per share. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, equities analysts anticipate that Pinnacle Financial Partners will post 6.35 earnings per share for the current fiscal year.

In other Pinnacle Financial Partners news, CAO Hugh M. Queener sold 843 shares of the firm’s stock in a transaction on Wednesday, September 1st. The shares were sold at an average price of $95.41, for a total value of $80,430.63. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO M Terry Turner sold 79,340 shares of the firm’s stock in a transaction on Monday, September 13th. The shares were sold at an average price of $94.27, for a total transaction of $7,479,381.80. Following the completion of the transaction, the chief executive officer now directly owns 172,457 shares in the company, valued at $16,257,521.39. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in PNFP. FMR LLC raised its holdings in shares of Pinnacle Financial Partners by 6.2% in the first quarter. FMR LLC now owns 447,996 shares of the financial services provider’s stock valued at $24,505,000 after purchasing an additional 26,190 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in Pinnacle Financial Partners by 83.5% during the first quarter. Russell Investments Group Ltd. now owns 9,046 shares of the financial services provider’s stock worth $800,000 after buying an additional 4,117 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in Pinnacle Financial Partners by 22.0% during the first quarter. Teacher Retirement System of Texas now owns 8,565 shares of the financial services provider’s stock worth $759,000 after buying an additional 1,545 shares during the last quarter. UBS Group AG increased its holdings in Pinnacle Financial Partners by 98.2% during the first quarter. UBS Group AG now owns 147,636 shares of the financial services provider’s stock worth $13,089,000 after buying an additional 73,153 shares during the last quarter. Finally, Panagora Asset Management Inc. purchased a new stake in Pinnacle Financial Partners during the first quarter worth about $119,000. Institutional investors own 80.67% of the company’s stock.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.

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