Benchmark Has Lowered Expectations for Pinnacle Financial Partners (NYSE:PNFP) Stock Price

Pinnacle Financial Partners (NYSE:PNFP) had its price objective lowered by stock analysts at Benchmark from $132.00 to $125.00 in a report issued on Friday, Marketbeat.com reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s target price suggests a potential upside of 21.92% from the company’s current price.

A number of other brokerages have also recently commented on PNFP. Stephens increased their price target on shares of Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. TD Cowen cut their price objective on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Citigroup increased their target price on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Finally, UBS Group lifted their target price on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $116.65.

Pinnacle Financial Partners Trading Up 2.7%

Shares of Pinnacle Financial Partners stock opened at $102.53 on Friday. The company has a market cap of $7.95 billion, a price-to-earnings ratio of 14.08, a PEG ratio of 0.41 and a beta of 1.04. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.90. Pinnacle Financial Partners has a 12 month low of $81.08 and a 12 month high of $107.00. The firm’s 50-day moving average price is $97.90.

Pinnacle Financial Partners (NYSE:PNFP) last released its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. As a group, analysts predict that Pinnacle Financial Partners will post 10.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Processus Wealth & Capital Management LLC purchased a new stake in Pinnacle Financial Partners in the 2nd quarter worth approximately $721,000. Ballast Inc. purchased a new position in shares of Pinnacle Financial Partners during the second quarter valued at approximately $393,000. Handelsbanken Fonder AB increased its stake in shares of Pinnacle Financial Partners by 27.0% during the second quarter. Handelsbanken Fonder AB now owns 235,281 shares of the company’s stock valued at $23,735,000 after buying an additional 50,000 shares during the period. Revolve Wealth Partners LLC bought a new position in shares of Pinnacle Financial Partners during the second quarter valued at approximately $465,000. Finally, Gradient Investments LLC raised its holdings in shares of Pinnacle Financial Partners by 10.6% during the second quarter. Gradient Investments LLC now owns 46,256 shares of the company’s stock valued at $4,666,000 after acquiring an additional 4,436 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

About Pinnacle Financial Partners

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.