Pinnacle Financial Partners (NYSE:PNFP) Stock Gets Price Target Boost from Morgan Stanley

Pinnacle Financial Partners (NYSE:PNFP) had its target price lifted by stock analysts at Morgan Stanley from $139.00 to $140.00 in a research report issued on Friday, MarketBeat Ratings reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley‘s price target indicates a potential upside of 39.38% from the company’s current price.

Several other equities research analysts also recently weighed in on the stock. Stephens set a $112.00 target price on shares of Pinnacle Financial Partners in a research note on Monday, July 27th. Wells Fargo & Company raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and set a $118.00 price objective for the company in a research report on Wednesday, September 30th. Evercore set a $108.00 target price on Pinnacle Financial Partners in a research note on Thursday, October 1st. Citigroup upped their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Finally, JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $118.79.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $100.44 on Friday. The firm has a market cap of $7.79 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 0.40 and a beta of 1.03. The firm has a 50-day simple moving average of $97.96 and a two-hundred day simple moving average of $98.26. Pinnacle Financial Partners has a one year low of $81.08 and a one year high of $110.33. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, October 21st. The company reported $2.69 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.07. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.88%. On average, equities analysts forecast that Pinnacle Financial Partners will post 10.20 EPS for the current fiscal year.

Insider Transactions at Pinnacle Financial Partners

In related news, CEO Kevin S. Blair acquired 2,565 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, September 1st. The stock was acquired at an average price of $97.48 per share, for a total transaction of $250,036.20. Following the purchase, the chief executive officer owned 152,397 shares of the company’s stock, valued at approximately $14,855,659.56. This represents a 1.71% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider M. Turner sold 66,783 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $108.01, for a total value of $7,213,231.83. Following the completion of the transaction, the insider directly owned 302,230 shares of the company’s stock, valued at approximately $32,643,862.30. This trade represents a 18.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 177,228 shares of company stock worth $19,153,713 over the last three months. 1.30% of the stock is currently owned by insiders.

Institutional Trading of Pinnacle Financial Partners

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tectonic Advisors LLC grew its stake in shares of Pinnacle Financial Partners by 44.0% during the 3rd quarter. Tectonic Advisors LLC now owns 115,947 shares of the company’s stock worth $10,854,000 after purchasing an additional 35,453 shares during the period. Inspire Investing LLC increased its holdings in shares of Pinnacle Financial Partners by 2.3% during the 3rd quarter. Inspire Investing LLC now owns 8,246 shares of the company’s stock valued at $772,000 after purchasing an additional 188 shares in the last quarter. Root Financial Partners LLC purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at approximately $42,000. Crossmark Global Holdings Inc. lifted its stake in shares of Pinnacle Financial Partners by 4.7% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 7,245 shares of the company’s stock valued at $678,000 after purchasing an additional 323 shares during the period. Finally, Sowell Financial Services LLC lifted its stake in shares of Pinnacle Financial Partners by 105.5% in the 3rd quarter. Sowell Financial Services LLC now owns 23,174 shares of the company’s stock valued at $2,169,000 after purchasing an additional 11,896 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.