Wells Fargo & Company Increases Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $125.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target increased by equities research analysts at Wells Fargo & Company from $120.00 to $125.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 2.43% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. UBS Group assumed coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective on the stock. Stephens reaffirmed an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday. Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a research note on Monday, November 18th. Truist Financial upped their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, JPMorgan Chase & Co. cut their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $125.18.

Pinnacle Financial Partners Price Performance

NASDAQ:PNFP opened at $122.04 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $9.43 billion, a P/E ratio of 20.41 and a beta of 1.09. Pinnacle Financial Partners has a 12 month low of $73.62 and a 12 month high of $131.91. The business’s 50-day moving average is $119.40 and its 200 day moving average is $104.77.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.12% and a net margin of 15.48%. The business had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470,334.57 billion. During the same period in the prior year, the business posted $1.68 earnings per share. The company’s quarterly revenue was up 19.9% compared to the same quarter last year. On average, equities research analysts forecast that Pinnacle Financial Partners will post 7.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the sale, the chief financial officer now owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David B. Ingram sold 20,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total value of $2,520,400.00. Following the sale, the director now directly owns 92,565 shares in the company, valued at $11,665,041.30. This trade represents a 17.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,661 shares of company stock valued at $9,563,127 over the last quarter. 1.87% of the stock is owned by corporate insiders.

Institutional Trading of Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. grew its stake in Pinnacle Financial Partners by 17.9% during the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock worth $18,282,000 after buying an additional 28,327 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Pinnacle Financial Partners during the third quarter valued at about $3,606,000. Geode Capital Management LLC increased its holdings in shares of Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after acquiring an additional 8,604 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Pinnacle Financial Partners by 1.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after acquiring an additional 9,856 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Pinnacle Financial Partners by 27.0% during 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. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

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.