Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Cut to $94.00 by Analysts at Truist Financial

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price cut by analysts at Truist Financial from $99.00 to $94.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s target price suggests a potential upside of 16.19% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Stephens reissued an “overweight” rating and issued a $109.00 price objective on shares of Pinnacle Financial Partners in a research note on Tuesday. UBS Group reduced their price objective on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, January 18th. Barclays initiated coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price objective for the company. Hovde Group reduced their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, Jefferies Financial Group dropped their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $95.50.

Pinnacle Financial Partners Stock Down 2.5 %

Pinnacle Financial Partners stock traded down $2.06 during mid-day trading on Thursday, reaching $80.90. The stock had a trading volume of 370,814 shares, compared to its average volume of 464,308. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners has a fifty-two week low of $43.31 and a fifty-two week high of $92.33. The stock’s 50-day simple moving average is $82.35 and its 200-day simple moving average is $79.18. The firm has a market capitalization of $6.24 billion, a PE ratio of 11.57 and a beta of 1.08.

Insider Buying and Selling

In related news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at $5,250,240.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO M Terry Turner sold 24,057 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the sale, the chief executive officer now directly owns 294,790 shares in the company, valued at $24,237,633.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the sale, the chief financial officer now owns 63,856 shares in the company, valued at $5,250,240.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,844 shares of company stock worth $3,933,734. 1.87% of the stock is owned by company insiders.

Institutional Trading of Pinnacle Financial Partners

Several hedge funds have recently made changes to their positions in PNFP. Wasatch Advisors LP raised its stake in shares of Pinnacle Financial Partners by 41.8% in the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after buying an additional 985,694 shares during the period. Norges Bank bought a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at $83,461,000. Wellington Management Group LLP raised its stake in shares of Pinnacle Financial Partners by 102.7% in the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock valued at $125,394,000 after buying an additional 947,704 shares during the period. Principal Financial Group Inc. raised its stake in shares of Pinnacle Financial Partners by 185.5% in the fourth quarter. Principal Financial Group Inc. now owns 808,135 shares of the financial services provider’s stock valued at $70,486,000 after buying an additional 525,101 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Pinnacle Financial Partners by 14.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock valued at $230,951,000 after buying an additional 334,502 shares during the period. 87.40% of the stock is currently owned by institutional investors.

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.