Pinnacle Financial Partners’ (PNFP) Overweight Rating Reaffirmed at Stephens

Stephens reissued their overweight rating on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a report published on Tuesday morning, Benzinga reports. They currently have a $109.00 price objective on the financial services provider’s stock.

PNFP has been the subject of several other reports. Truist Financial lifted their price target 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. Jefferies Financial Group cut their price objective on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating on the stock in a research report on Monday, April 8th. UBS Group cut their price objective on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a neutral rating on the stock in a research report on Thursday, January 18th. Finally, Barclays began coverage on shares of Pinnacle Financial Partners in a research report on Friday, March 8th. They issued an equal weight rating and a $93.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has an average rating of Hold and an average target price of $95.50.

Pinnacle Financial Partners Trading Down 1.5 %

NASDAQ PNFP opened at $80.29 on Tuesday. Pinnacle Financial Partners has a one year low of $43.31 and a one year high of $92.33. The company has a 50-day simple moving average of $82.20 and a 200-day simple moving average of $79.29. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $6.19 billion, a PE ratio of 11.49 and a beta of 1.08.

Pinnacle Financial Partners Dividend Announcement

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

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Chairman Richard D. Callicutt II sold 11,030 shares of the business’s stock in a transaction dated 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 directly owns 97,226 shares in the company, valued at approximately $7,993,921.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO M Terry Turner sold 24,057 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $1,977,966.54. Following the transaction, the chief executive officer now owns 294,790 shares of the company’s stock, valued at approximately $24,237,633.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard D. Callicutt II sold 11,030 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $906,886.60. Following the completion of the transaction, the chairman now directly owns 97,226 shares in the company, valued at approximately $7,993,921.72. The disclosure for this sale can be found here. In 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 corporate insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Hedge funds have recently made changes to their positions in the business. Rise Advisors LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter worth approximately $26,000. Bruce G. Allen Investments LLC acquired a new position in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $32,000. Emerald Advisers LLC acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $27,000. Fifth Third Bancorp grew its stake in shares of Pinnacle Financial Partners by 101.4% in the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 213 shares during the last quarter. Finally, ICA Group Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $44,000. Institutional investors and hedge funds 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.