Pinnacle Financial Partners (NASDAQ:PNFP) PT Lowered to $99.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price reduced by equities researchers at Hovde Group from $104.00 to $99.00 in a research report issued to clients and investors on Tuesday, Briefing.com reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Hovde Group’s price target suggests a potential upside of 22.07% from the company’s current price.

A number of other analysts also recently issued reports on the stock. Jefferies Financial Group dropped their price objective on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. Stephens restated an “overweight” rating and issued a $109.00 price objective on shares of Pinnacle Financial Partners in a research report on Tuesday. UBS Group reduced their price target 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. Truist Financial boosted their price target on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Finally, Barclays initiated coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They set 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 given a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus price target of $93.50.

Pinnacle Financial Partners Price Performance

NASDAQ PNFP traded down $0.32 on Tuesday, hitting $81.10. The stock had a trading volume of 803,737 shares, compared to its average volume of 460,940. Pinnacle Financial Partners has a 52-week low of $43.31 and a 52-week high of $92.33. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $6.25 billion, a price-to-earnings ratio of 11.30 and a beta of 1.08. The firm has a 50-day moving average of $82.32 and a 200-day moving average of $79.05.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $5,250,240.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction dated Tuesday, March 12th. The shares were 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 of the company’s stock, valued at approximately $5,250,240.32. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO M Terry Turner sold 24,057 shares of the firm’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 $1,977,966.54. Following the completion of the transaction, the chief executive officer now directly owns 294,790 shares in the company, valued at $24,237,633.80. The disclosure for this sale can be found here. Insiders have sold a total of 47,844 shares of company stock valued at $3,933,734 in the last ninety days. Company insiders own 1.87% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors have recently added to or reduced their stakes in the stock. Rise Advisors LLC acquired a new position in shares of Pinnacle Financial Partners in the first quarter worth $26,000. Emerald Advisers LLC purchased a new stake in Pinnacle Financial Partners in the third quarter valued at $27,000. Fifth Third Bancorp increased its stake in Pinnacle Financial Partners by 101.4% in the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 213 shares during the period. Bruce G. Allen Investments LLC acquired a new position in Pinnacle Financial Partners in the fourth quarter valued at $32,000. Finally, Nomura Asset Management Co. Ltd. increased its stake in shares of Pinnacle Financial Partners by 57.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 200 shares during the period. 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.