Pinnacle Financial Partners (NASDAQ:PNFP) Upgraded to Outperform at Hovde Group

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) was upgraded by investment analysts at Hovde Group from a "market perform" rating to an "outperform" rating in a research report issued on Wednesday, Marketbeat reports. The brokerage currently has a $111.00 target price on the financial services provider's stock. Hovde Group's price target suggests a potential upside of 18.96% from the company's current price.

A number of other research analysts also recently weighed in on PNFP. Wells Fargo & Company decreased their target price on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Barclays decreased their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Citigroup increased their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a research report on Tuesday, December 31st. Stephens reiterated an "overweight" rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. lowered their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating on the stock in a report on Tuesday, January 7th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $119.50.

Pinnacle Financial Partners Stock Down 1.9 %

PNFP stock traded down $1.80 during mid-day trading on Wednesday, hitting $93.31. 155,562 shares of the company were exchanged, compared to its average volume of 506,680. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners has a 1-year low of $73.62 and a 1-year high of $131.91. The firm's 50 day simple moving average is $104.70 and its 200 day simple moving average is $112.02. The firm has a market cap of $7.22 billion, a P/E ratio of 15.60 and a beta of 0.94.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.08. The firm had revenue of $475.37 million for the quarter, compared to the consensus estimate of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same quarter last year, the business posted $1.53 EPS. On average, sell-side analysts predict that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Insider Activity

In related news, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the transaction, the director now directly owns 9,943 shares of the company's stock, valued at $1,009,711.65. This trade represents a 23.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David B. Ingram sold 40,000 shares of the company's stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value of $5,060,000.00. Following the sale, the director now owns 40,991 shares of the company's stock, valued at $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 95,350 shares of company stock worth $11,421,320. 1.46% of the stock is currently owned by company insiders.

Institutional Trading of Pinnacle Financial Partners

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new position in Pinnacle Financial Partners in the 4th quarter valued at approximately $101,798,000. North Reef Capital Management LP raised its stake in shares of Pinnacle Financial Partners by 57.1% during the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock valued at $221,917,000 after acquiring an additional 705,000 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter worth $78,110,000. Capital Research Global Investors grew its stake in shares of Pinnacle Financial Partners by 57.0% in the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock worth $178,425,000 after purchasing an additional 566,061 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Pinnacle Financial Partners in the fourth quarter valued at $44,737,000. Institutional investors own 87.40% of the company's stock.

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.