Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Get Free Report) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $103.33 and traded as high as $118.20. Pinnacle Financial Partners shares last traded at $117.97, with a volume of 428,175 shares changing hands.
Wall Street Analyst Weigh In
Several analysts have weighed in on the company. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Barclays raised Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. UBS Group began coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a "neutral" rating and a $133.00 price objective for the company. Truist Financial increased 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, Wells Fargo & Company boosted their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 3rd. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $122.73.
Read Our Latest Stock Analysis on Pinnacle Financial Partners
Pinnacle Financial Partners Stock Up 1.7 %
The stock has a market capitalization of $9.27 billion, a price-to-earnings ratio of 22.81 and a beta of 1.09. 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 firm's fifty day simple moving average is $119.76 and its 200 day simple moving average is $103.33.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings data 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 net margin of 13.97% and a return on equity of 8.89%. During the same period last year, the business posted $1.79 earnings per share. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.
Insider Buying and Selling at Pinnacle Financial Partners
In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction on 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 completion of the transaction, the chairman now owns 123,000 shares in the company, valued at approximately $15,263,070. This represents a 28.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David B. Ingram sold 20,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, December 6th. The shares were 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 in the company, valued at $11,665,041.30. The trade was a 17.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,661 shares of company stock valued at $9,563,127 in the last 90 days. 1.87% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of PNFP. Envestnet Asset Management Inc. grew its stake in shares of Pinnacle Financial Partners by 2.0% in the second quarter. Envestnet Asset Management Inc. now owns 250,832 shares of the financial services provider's stock valued at $20,077,000 after buying an additional 4,853 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Pinnacle Financial Partners by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider's stock worth $247,673,000 after purchasing an additional 292,401 shares during the period. Edgestream Partners L.P. grew its position in Pinnacle Financial Partners by 1,017.9% during the second quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider's stock worth $5,688,000 after buying an additional 64,707 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its position in Pinnacle Financial Partners by 9.5% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 10,046 shares of the financial services provider's stock worth $804,000 after buying an additional 875 shares in the last quarter. Finally, Hsbc Holdings PLC increased its stake in Pinnacle Financial Partners by 14.6% during the 2nd quarter. Hsbc Holdings PLC now owns 4,818 shares of the financial services provider's stock worth $386,000 after acquiring an additional 613 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.
Pinnacle Financial Partners Company Profile
(
Get Free Report)
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.
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