UBS Group Begins Coverage on Pinnacle Financial Partners (NASDAQ:PNFP)

Equities researchers at UBS Group initiated coverage on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The firm set a “neutral” rating and a $133.00 price target on the financial services provider’s stock. UBS Group’s target price points to a potential upside of 19.77% from the company’s current price.

Several other equities research analysts have also issued reports on the stock. Citigroup increased their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Wells Fargo & Company raised their price target on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target for the company. in a report on Monday, November 18th. Barclays raised their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Finally, Stephens raised their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $117.55.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $111.05 on Tuesday. Pinnacle Financial Partners has a 52-week low of $73.62 and a 52-week high of $131.91. The firm has a fifty day moving average of $115.47 and a 200-day moving average of $98.13. The firm has a market capitalization of $8.58 billion, a P/E ratio of 21.11 and a beta of 1.08. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

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

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the transaction, the chairman now directly owns 123,000 shares in the company, valued at approximately $15,263,070. The trade was a 28.90 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds have recently made changes to their positions in PNFP. SG Americas Securities LLC acquired a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth approximately $366,000. Envestnet Portfolio Solutions Inc. increased its position in shares of Pinnacle Financial Partners by 11.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 9,670 shares of the financial services provider’s stock worth $774,000 after acquiring an additional 966 shares in the last quarter. Raymond James & Associates increased its position in shares of Pinnacle Financial Partners by 0.4% in the second quarter. Raymond James & Associates now owns 203,716 shares of the financial services provider’s stock worth $16,305,000 after acquiring an additional 904 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of Pinnacle Financial Partners by 2.5% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 171,629 shares of the financial services provider’s stock worth $13,737,000 after acquiring an additional 4,187 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new position in shares of Pinnacle Financial Partners in the second quarter worth approximately $188,000. Institutional investors and hedge funds 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.