Hovde Group Lowers Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $99.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target decreased by Hovde Group from $104.00 to $99.00 in a report issued on Tuesday, Marketbeat Ratings reports. Hovde Group currently has an outperform rating on the financial services provider’s stock.

Other equities analysts have also issued reports about the stock. Jefferies Financial Group reduced their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating for the company in a research report on Monday, April 8th. UBS Group reduced their price target on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a neutral rating for the company in a research report on Thursday, January 18th. Barclays assumed coverage on shares of Pinnacle Financial Partners in a report on Friday, March 8th. They set an equal weight rating and a $93.00 target price for the company. Truist Financial lifted their target price on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a buy rating in a report on Monday, April 1st. Finally, Stephens reaffirmed an overweight rating and set a $109.00 target price on shares of Pinnacle Financial Partners in a report on Tuesday. One investment 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.com, Pinnacle Financial Partners presently has a consensus rating of Hold and an average target price of $95.50.

Pinnacle Financial Partners Stock Performance

PNFP opened at $80.29 on Tuesday. Pinnacle Financial Partners has a 12-month low of $43.31 and a 12-month high of $92.33. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $6.19 billion, a PE ratio of 11.49 and a beta of 1.08. The firm has a 50 day moving average of $82.20 and a two-hundred day moving average of $79.29.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.10%. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Richard D. Callicutt II sold 11,030 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $906,886.60. Following the sale, the chairman now owns 97,226 shares of the company’s stock, valued at approximately $7,993,921.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Pinnacle Financial Partners news, Chairman Richard D. Callicutt II sold 11,030 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $906,886.60. Following the sale, the chairman now owns 97,226 shares of the company’s stock, valued at approximately $7,993,921.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 transaction of $518,479.32. Following the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,844 shares of company stock valued at $3,933,734. 1.87% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in PNFP. Red Door Wealth Management LLC acquired a new stake in Pinnacle Financial Partners during the 3rd quarter worth $214,000. Peregrine Capital Management LLC boosted its position in shares of Pinnacle Financial Partners by 1,239.7% during the 3rd quarter. Peregrine Capital Management LLC now owns 158,900 shares of the financial services provider’s stock valued at $10,653,000 after acquiring an additional 147,039 shares during the last quarter. Hunter Perkins Capital Management LLC boosted its position in shares of Pinnacle Financial Partners by 6.0% during the 3rd quarter. Hunter Perkins Capital Management LLC now owns 9,595 shares of the financial services provider’s stock valued at $643,000 after acquiring an additional 545 shares during the last quarter. Covenant Partners LLC boosted its position in shares of Pinnacle Financial Partners by 3.2% during the 3rd quarter. Covenant Partners LLC now owns 10,550 shares of the financial services provider’s stock valued at $707,000 after acquiring an additional 330 shares during the last quarter. Finally, Bfsg LLC acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at about $277,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

About Pinnacle Financial Partners

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.