Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Lowered to $105.00 at Wells Fargo & Company

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective lowered by equities researchers at Wells Fargo & Company from $125.00 to $105.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 8.58% from the stock’s current price.

Several other research analysts also recently commented on the company. UBS Group began coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective for the company. Barclays reduced their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. lowered their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Stephens reiterated an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Finally, Citigroup boosted their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $124.70.

Pinnacle Financial Partners Price Performance

PNFP traded up $9.48 during midday trading on Wednesday, hitting $96.71. 582,718 shares of the company traded hands, compared to its average volume of 491,223. The business has a 50 day simple moving average of $110.15 and a two-hundred day simple moving average of $112.16. Pinnacle Financial Partners has a 52-week low of $73.62 and a 52-week high of $131.91. The company has a market capitalization of $7.48 billion, a price-to-earnings ratio of 16.11 and a beta of 0.94. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. During the same period last year, the company posted $1.68 EPS. Pinnacle Financial Partners’s quarterly revenue was up 19.9% compared to the same quarter last year. On average, equities analysts forecast that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the transaction, the chief executive officer now owns 254,552 shares in the company, valued at approximately $25,615,567.76. This trade represents a 0.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David B. Ingram sold 10,309 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the transaction, the director now owns 82,256 shares of the company’s stock, valued at $10,364,256. This trade represents a 11.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,350 shares of company stock valued at $11,421,320 in the last 90 days. Company insiders own 1.46% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PNFP. Kapitalo Investimentos Ltda purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at about $78,000. UMB Bank n.a. increased its position in Pinnacle Financial Partners by 48.1% during the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock worth $84,000 after buying an additional 239 shares during the period. Principal Securities Inc. lifted its stake in Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after buying an additional 91 shares during the last quarter. Trust Co. of Vermont acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $97,000. Finally, Values First Advisors Inc. grew its position in shares of Pinnacle Financial Partners by 189.9% during the fourth quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock worth $167,000 after acquiring an additional 955 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

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.