Pinnacle Financial Partners (NYSE:PNFP) Price Target Raised to $130.00 at Benchmark

Pinnacle Financial Partners (NYSE:PNFP) had its target price hoisted by analysts at Benchmark from $125.00 to $130.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price objective would indicate a potential upside of 20.75% from the stock’s current price.

A number of other equities research analysts have also issued reports on the stock. Robert W. Baird started coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 target price on the stock. Barclays decreased their price target on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. DA Davidson upped their price objective on Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. UBS Group increased their target price on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Finally, Stephens set a $112.00 target price on Pinnacle Financial Partners in a research report on Monday, July 27th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners has an average rating of “Moderate Buy” and a consensus target price of $117.29.

Pinnacle Financial Partners Price Performance

Shares of NYSE:PNFP traded down $1.37 during midday trading on Wednesday, reaching $107.66. The company had a trading volume of 606,616 shares, compared to its average volume of 1,473,231. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The company’s fifty day simple moving average is $99.18. The stock has a market cap of $8.35 billion, a PE ratio of 14.79, a P/E/G ratio of 0.43 and a beta of 1.03. Pinnacle Financial Partners has a one year low of $81.08 and a one year high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. As a group, sell-side analysts forecast that Pinnacle Financial Partners will post 10.2 earnings per share for the current year.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The shares were purchased at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the purchase, the insider directly owned 324,233 shares in the company, valued at $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

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

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.