Pinnacle Financial Partners (NASDAQ:PNFP) Downgraded by Hovde Group to “Market Perform”

Pinnacle Financial Partners (NASDAQ:PNFP) was downgraded by investment analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a research note issued to investors on Monday, Marketbeat.com reports. They currently have a $135.00 price target on the financial services provider’s stock. Hovde Group’s target price would indicate a potential upside of 10.06% from the company’s previous close.

Other analysts have also issued reports about the company. Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Stephens boosted their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Barclays boosted their target price on Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Truist Financial boosted 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, Citigroup boosted their target price on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $108.70.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $122.66 on Monday. The business’s fifty day simple moving average is $103.46 and its 200 day simple moving average is $91.86. The firm has a market capitalization of $9.48 billion, a P/E ratio of 23.32 and a beta of 1.04. Pinnacle Financial Partners has a 12 month low of $70.03 and a 12 month high of $129.38. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The business had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same period last year, the company posted $1.79 earnings per share. As a group, analysts anticipate that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds have recently made changes to their positions in the stock. OneDigital Investment Advisors LLC grew its position in shares of Pinnacle Financial Partners by 1.3% in the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock valued at $651,000 after purchasing an additional 88 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Pinnacle Financial Partners by 0.6% in the third quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock valued at $1,761,000 after purchasing an additional 100 shares in the last quarter. Blue Trust Inc. grew its position in Pinnacle Financial Partners by 10.6% during the third quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock worth $129,000 after buying an additional 126 shares in the last quarter. Versant Capital Management Inc grew its position in Pinnacle Financial Partners by 44.5% during the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after buying an additional 133 shares in the last quarter. Finally, Strategic Blueprint LLC grew its position in Pinnacle Financial Partners by 3.4% during the third quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock worth $394,000 after buying an additional 133 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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.