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

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price cut by stock analysts at Hovde Group from $104.00 to $99.00 in a research report issued on Tuesday, Marketbeat.com reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Hovde Group’s target price points to a potential upside of 19.33% from the company’s current price.

Several other equities research analysts have also issued reports on the stock. UBS Group reduced their target price on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, January 18th. Truist Financial upped their price target on Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Stephens restated an “overweight” rating and issued a $109.00 price target on shares of Pinnacle Financial Partners in a research note on Tuesday. Jefferies Financial Group dropped their price target on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, April 8th. Finally, Barclays assumed coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price target for the company. 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. Based on data from MarketBeat, Pinnacle Financial Partners has an average rating of “Hold” and an average price target of $96.13.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $82.96 on Tuesday. Pinnacle Financial Partners has a fifty-two week low of $43.31 and a fifty-two week high of $92.33. The business has a 50-day simple moving average of $82.35 and a two-hundred day simple moving average of $79.18. 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 firm has a market cap of $6.39 billion, a price-to-earnings ratio of 11.87 and a beta of 1.08.

Insider Activity

In related news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners 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 completion of the sale, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Harold R. Carpenter sold 6,306 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at $5,250,240.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard D. Callicutt II sold 11,030 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was 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 $7,993,921.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 47,844 shares of company stock worth $3,933,734. Company insiders own 1.87% of the company’s stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several institutional investors and hedge funds have recently modified their holdings of PNFP. Simplicity Wealth LLC purchased a new stake in Pinnacle Financial Partners during the 1st quarter worth about $509,000. Louisiana State Employees Retirement System increased its position in shares of Pinnacle Financial Partners by 1.4% in the first quarter. Louisiana State Employees Retirement System now owns 21,900 shares of the financial services provider’s stock valued at $1,881,000 after buying an additional 300 shares in the last quarter. Amalgamated Bank increased its position in Pinnacle Financial Partners by 2.4% during the 1st quarter. Amalgamated Bank now owns 51,681 shares of the financial services provider’s stock worth $4,438,000 after purchasing an additional 1,188 shares in the last quarter. Hunter Perkins Capital Management LLC purchased a new stake in Pinnacle Financial Partners during the 1st quarter worth about $1,071,000. Finally, Raymond James & Associates grew its holdings in Pinnacle Financial Partners by 8.7% in the 1st quarter. Raymond James & Associates now owns 202,812 shares of the financial services provider’s stock valued at $17,418,000 after buying an additional 16,191 shares during the period. Hedge funds and other institutional investors 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.