Regional bank PNFP closed at $95.84, down 3.3% on the day and 1.3% on the week, though still up 14% over the past month. Short interest ticked 0.2% higher over the week to 6.6% of float. Two bulge-bracket analysts raised price targets to $120 following the quarterly print, implying 25% upside from current levels.
PNFP closed at $95.84 on April 24. The stock fell 3.3% on the day. Over the week it slipped 1.3%. The one-month gain stands at 14%. The stock sits near the upper end of its recent trading range after the sharp March rally.
Short interest stands at 5.10 million shares, representing 6.6% of the free float. The position rose 0.2% over the past week. Over the past month shorts have added 9%, with the shares-short count climbing from 4.68 million on March 13 to the current 5.10 million. The April 23 reading is the highest since early April.
Cost to borrow sits at 0.47%, up 5% week-over-week. CTB has climbed 14% over the past month. The rate spiked to 0.54% on April 17, the highest reading in the 30-day window. Utilization stands at just 1.05%, well below the 52-week high of 9.72%. Utilization briefly touched 1.73% on March 24, then pulled back sharply through late March before ticking higher in recent sessions.
Put/call ratio closed at 0.40 on April 24. The 20-day mean is 0.53. The current PCR sits 1.9 standard deviations below the 20-day average, indicating unusually bullish positioning. Over the past week PCR has dropped from the mid-0.50s range to the low 0.40s. The 52-week range runs from 0.04 to 1.73.
The mean price target is $115.11. Recent analyst changes cluster around the April 22 earnings release. On April 24, UBS's Timur Braziler raised his target to $120 from $110, maintaining a Buy rating. JP Morgan's Anthony Elian also lifted his target to $120 from $105, reiterating Overweight. Earlier in April, Braziler upgraded PNFP to Buy from Neutral and raised the target to $110 from $106.
Barclays' Jared Shaw trimmed his target to $130 from $135 on April 7, maintaining Overweight. JP Morgan's Elian cut his target to $105 from $120 on April 1, also maintaining Overweight. The two April 24 raises followed the quarterly print and reflect upward NII and fee income revisions.
According to Benzinga's bull case, net interest margin expanded 3 basis points quarter-over-quarter to 3.26%, exceeding expectations. Operating EPS estimates for 2025 rose to $8.32 from $7.70. Commercial and industrial loan balances surged 18% sequentially. The bear case notes downward 2026 EPS revisions tied to lower net interest income and weaker loan growth relative to consensus. Heavy commercial real estate exposure and repricing risk remain concerns.
The P/E ratio sits at 9.17, up 1.18 points over the past 30 days. Price-to-book stands at 0.97, climbing 0.14 over the same period. The valuation expansion tracks the 14% one-month price gain.
Factor scores show strength in dividends (83rd percentile) and sector positioning (78th percentile). EPS momentum ranks at the 71st percentile over 30 days and 60th over 90 days. The short score ranks at the 34th percentile. Utilization ranks 61st percentile, days-to-cover 58th.
BlackRock added 2.5 million shares in Q1, lifting its stake to 9.7 million shares (6.4% of shares outstanding). Vanguard added 2.5 million shares, bringing its position to 7.0 million (4.7%). AQR Capital holds 5.3 million shares (3.5%), up 1.9 million. Alyeska Investment Group initiated a 1.7 million share position (1.1%). FMR added 1.5 million shares, raising its stake to 1.5 million (1.0%).
Wellington Management holds 3.1 million shares (2.0%), up 910,000. Invesco added 960,000 shares to reach 2.0 million (1.3%). State Street and Dimensional each added positions, rising 557,000 and 285,000 shares respectively.
Net insider activity over 90 days shows buying of 30,874 shares valued at $2.94 million. CEO Kevin Blair received a 4,840-share award on February 16 and sold the same number at $95.12 for $460,381. CFO Andrew Gregory and Chief Legal Officer Allan Kamensky received smaller awards and sold equivalent shares on the same date.
Five executives sold fractional shares on March 30 at $83.55 per share. COO Daniel Bishop sold 7 shares for $585. CFO Gregory sold 5 shares for $418. Chief Risk Officer Shellie Creson, Chief Accounting Officer Jill Hurley, and Chief Level Officer Jennifer Upshaw each sold 3–4 shares. All March 30 transactions carried trade significance scores of 1.
Next earnings are scheduled for May 21 at 2:00 PM UTC. The recent analyst target raises and NII/margin commentary set a framework for the next print. The divergence between rising short interest and bullish analyst revisions creates positioning tension heading into the event.
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