Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Raised to $132.00 at Citigroup

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) had its target price increased by stock analysts at Citigroup from $123.00 to $132.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the financial services provider's stock. Citigroup's price target would indicate a potential upside of 15.39% from the company's current price.

PNFP has been the topic of several other research reports. Truist Financial raised their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Hovde Group cut Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 target price on the stock. in a research report on Monday, November 18th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 3rd. Finally, Barclays raised Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $119.73.

Pinnacle Financial Partners Stock Up 0.6 %

Shares of PNFP traded up $0.64 during trading hours on Tuesday, hitting $114.39. The stock had a trading volume of 310,860 shares, compared to its average volume of 471,843. The firm has a 50 day simple moving average of $117.39 and a 200-day simple moving average of $100.39. Pinnacle Financial Partners has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $8.84 billion, a P/E ratio of 21.75 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping analysts' consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The company had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same period in the prior year, the firm earned $1.79 earnings per share. Sell-side analysts predict that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Insider Activity at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the transaction, the chairman now directly owns 123,000 shares in the company, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David B. Ingram sold 20,000 shares of the company's stock in a transaction that occurred on 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 sale, the director now directly owns 92,565 shares in the company, valued at $11,665,041.30. This trade represents a 17.77 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PNFP. International Assets Investment Management LLC bought a new stake in Pinnacle Financial Partners during the second quarter valued at $29,000. Ashton Thomas Securities LLC purchased a new position in shares of Pinnacle Financial Partners during the third quarter worth about $30,000. UMB Bank n.a. increased its position in shares of Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider's stock worth $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. bought a new stake in Pinnacle Financial Partners during the third quarter valued at approximately $49,000. Finally, Quarry LP increased its holdings in shares of Pinnacle Financial Partners by 3,500.0% in the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider's stock worth $61,000 after buying an additional 735 shares during the last quarter. 87.40% of the stock is owned by 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.