Pinnacle Financial Partners (NASDAQ:PNFP) Given New $132.00 Price Target at Citigroup

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective boosted by analysts at Citigroup from $123.00 to $132.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Citigroup’s price target would suggest a potential upside of 16.04% from the company’s previous close.

PNFP has been the subject of a number of other research reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. UBS Group initiated coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target for the company. Stephens lifted their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Wells Fargo & Company increased their price objective on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Finally, Hovde Group cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a report on Monday, November 18th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $119.73.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $113.75 on Tuesday. Pinnacle Financial Partners has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The stock’s 50 day simple moving average is $117.39 and its two-hundred day simple moving average is $100.39. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $8.79 billion, a price-to-earnings ratio of 21.63 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.07. The company 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 in the previous year, the company posted $1.79 earnings per share. As a group, analysts expect that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director David B. Ingram sold 20,000 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the completion of the sale, the director now owns 92,565 shares of the company’s stock, valued at approximately $11,665,041.30. The trade was a 17.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,661 shares of company stock valued at $9,563,127 over the last 90 days. Company insiders own 1.87% of the company’s stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PNFP. International Assets Investment Management LLC purchased a new stake in shares of Pinnacle Financial Partners in the second quarter worth $29,000. Ashton Thomas Securities LLC purchased a new stake in Pinnacle Financial Partners in the 3rd quarter worth $30,000. UMB Bank n.a. raised its holdings in Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 226 shares during the period. Values First Advisors Inc. purchased a new position in shares of Pinnacle Financial Partners in the third quarter valued at about $49,000. Finally, Quarry LP boosted its stake in shares of Pinnacle Financial Partners by 3,500.0% in the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after acquiring an additional 735 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

About Pinnacle Financial Partners

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.