Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Cut to $87.00 by Analysts at Truist Financial

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price cut by Truist Financial from $94.00 to $87.00 in a research report report published on Monday morning, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other research analysts also recently issued reports on PNFP. JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an overweight rating on the stock in a report on Thursday, June 27th. Jefferies Financial Group dropped 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 report on Monday, April 8th. Hovde Group dropped their price objective on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating on the stock in a report on Tuesday, April 23rd. Finally, Stephens dropped their price objective on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an overweight rating on the stock in a report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners has an average rating of Hold and an average target price of $93.38.

Pinnacle Financial Partners Stock Up 6.0 %

Pinnacle Financial Partners stock opened at $84.99 on Monday. The firm has a market cap of $6.56 billion, a price-to-earnings ratio of 12.16 and a beta of 1.08. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners has a fifty-two week low of $59.06 and a fifty-two week high of $92.33. The firm has a fifty day moving average price of $79.20 and a two-hundred day moving average price of $81.95.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.52 by $0.01. The firm had revenue of $428.14 million during the quarter, compared to analyst estimates of $413.27 million. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. As a group, analysts forecast that Pinnacle Financial Partners will post 6.75 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 3rd were given a $0.22 dividend. The ex-dividend date was Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.04%. Pinnacle Financial Partners’s payout ratio is 12.59%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CEO M Terry Turner sold 72,000 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total value of $5,829,840.00. Following the transaction, the chief executive officer now owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO M Terry Turner sold 72,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the transaction, the chief executive officer now owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the completion of the transaction, the chairman now directly owns 153,062 shares of the company’s stock, valued at approximately $12,404,144.48. The disclosure for this sale can be found here. Insiders own 1.87% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Institutional investors and hedge funds have recently made changes to their positions in the company. Rise Advisors LLC bought a new stake in Pinnacle Financial Partners in the 1st quarter valued at $26,000. Bruce G. Allen Investments LLC bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at $32,000. Versant Capital Management Inc lifted its position in Pinnacle Financial Partners by 44.5% in the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 133 shares in the last quarter. ICA Group Wealth Management LLC bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at $44,000. Finally, Principal Securities Inc. bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at $60,000. 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.