Pinnacle Financial Partners (NYSE:PNFP) Upgraded by Benchmark to “Strong-Buy” Rating

Pinnacle Financial Partners (NYSE:PNFP) was upgraded by analysts at Benchmark to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other brokerages have also issued reports on PNFP. Piper Sandler reissued an “overweight” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, June 10th. Barclays reduced their price target on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Stephens raised their price objective on shares of Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Robert W. Baird initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 10th. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and an average target price of $116.06.

Pinnacle Financial Partners Stock Up 1.5%

NYSE:PNFP opened at $98.50 on Wednesday. Pinnacle Financial Partners has a twelve month low of $81.08 and a twelve month high of $120.46. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The company has a 50-day simple moving average of $96.59. The firm has a market capitalization of $7.64 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 0.37 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last issued its earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.30 by $0.09. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. On average, analysts anticipate that Pinnacle Financial Partners will post 10.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Pinnacle Financial Partners

Large investors have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its holdings in shares of Pinnacle Financial Partners by 6.2% in the first quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock worth $69,060,000 after purchasing an additional 37,989 shares during the period. Focus Partners Wealth grew its holdings in shares of Pinnacle Financial Partners by 13.9% during the first quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock worth $504,000 after purchasing an additional 581 shares in the last quarter. Amundi increased its position in shares of Pinnacle Financial Partners by 25,700.0% in the second quarter. Amundi now owns 4,386 shares of the company’s stock worth $513,000 after purchasing an additional 4,369 shares during the last quarter. Jump Financial LLC purchased a new stake in Pinnacle Financial Partners in the second quarter valued at approximately $229,000. Finally, Cerity Partners LLC lifted its position in Pinnacle Financial Partners by 4.2% during the second quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock valued at $2,877,000 after purchasing an additional 1,039 shares during the last quarter. 87.40% of the stock is currently 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.