Pinnacle Financial Partners Analysts Upgrade Forecasts Pre-Earnings
Overview of Pinnacle Financial Partners
Pinnacle Financial Partners, Inc. (NASDAQ: PNFP) is gearing up to announce its second-quarter earnings results, which are highly anticipated by investors and analysts alike. The report is set to be released after the closing bell. The company has shown promising signs of growth, with analysts projecting a significant year-over-year increase in earnings and revenues.
Expected Earnings and Revenue
Analysts are predicting that Pinnacle Financial Partners will achieve quarterly earnings of $1.90 per share. This is a notable increase from the previous year's earnings of $1.63 per share. In addition to this impressive earnings forecast, the company is expected to report revenues reaching approximately $496.34 million, a substantial rise from $366.55 million reported in the same quarter last year.
Analyst Ratings and Insights
As earnings season approaches, several analysts have updated their ratings and price targets for Pinnacle Financial Partners. Here’s a brief rundown of what some leading financial experts are saying:
- Barclays analyst Jared Shaw has maintained an Overweight rating and raised the price target from $125 to $140. Shaw's accuracy rate stands impressively at 68%.
- Citigroup's Benjamin Gerlinger has kept a Buy rating while increasing the price target from $126 to $134, with an accuracy of 62%.
- Truist Securities’ Brandon King initiated coverage with a Buy rating and set a price target of $123, claiming an accuracy of 82%.
- Keefe, Bruyette & Woods’ Catherine Mealor revised her Market Perform rating, reducing the price target from $130 to $115, achieving a 69% accuracy rate.
- Wells Fargo analyst Timur Braziler has retained an Equal-Weight rating with a lowered price target from $125 to $105, scoring 64% on accuracy.
Stock Performance
In the lead-up to these earnings results, Pinnacle Financial Partners shares have experienced a slight uptick, closing at $118.15, reflecting a 0.8% gain. This surge indicates a positive outlook from investors despite recent projections of varying price targets from analysts.
Investment Considerations
For potential investors eyeing PNFP stock, it's important to factor in these updated analyst ratings and the company’s projected earnings growth. The promising earnings forecast, coupled with the recent analysis of price targets, reflects a growing confidence in Pinnacle Financial Partners’ future potential.
Frequently Asked Questions
When will Pinnacle Financial Partners announce its earnings?
The company is expected to release its earnings results after the closing bell.
What are analysts predicting for Pinnacle Financial Partners’ earnings?
Analysts are forecasting earnings of $1.90 per share for the upcoming quarter.
How have analysts upgraded their ratings for PNFP stock?
Several analysts have increased price targets and maintained positive ratings, reflecting strong growth expectations.
What has been the recent stock performance for PNFP?
Pinnacle Financial Partners shares recently gained 0.8%, closing at $118.15.
What factors should investors consider before investing in PNFP?
Investors should evaluate the company's earnings forecasts, analyst ratings, and its overall market performance to make informed decisions.
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