Pinnacle Financial Partners (NASDAQ:PNFP) Lowered to “Equal Weight” at Wells Fargo & Company

Pinnacle Financial Partners (NASDAQ:PNFP) was downgraded by equities research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Tuesday, Marketbeat.com reports. They presently have a $100.00 price objective on the financial services provider’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 7.07% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Truist Financial lifted their price target on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Hovde Group lifted their price objective on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Barclays lifted their price objective on shares of Pinnacle Financial Partners from $97.00 to $101.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. Piper Sandler cut shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $102.10.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $93.40 on Tuesday. Pinnacle Financial Partners has a 1-year low of $59.66 and a 1-year high of $100.76. The stock has a market cap of $7.21 billion, a PE ratio of 13.36 and a beta of 1.05. The firm has a 50-day simple moving average of $94.16 and a two-hundred day simple moving average of $85.80. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The business had revenue of $366.55 million during the quarter, compared to analysts’ expectations of $426.40 million. As a group, analysts forecast that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PNFP. Rise Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $26,000. International Assets Investment Management LLC purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $29,000. Versant Capital Management Inc lifted its position in shares of Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after buying an additional 133 shares during the last quarter. Mather Group LLC. purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $65,000. Finally, Quarry LP lifted its position in shares of Pinnacle Financial Partners by 3,500.0% during 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. Hedge funds and other institutional investors 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.