Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Lowered to $94.00 at Truist Financial

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective lowered by Truist Financial from $99.00 to $94.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target would suggest a potential upside of 17.08% from the company’s current price.

Several other brokerages have also recently issued reports on PNFP. Barclays began 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 target price on the stock. Stephens reissued an “overweight” rating and set a $109.00 price target on shares of Pinnacle Financial Partners in a research report on Tuesday. UBS Group lowered 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. Hovde Group lowered their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Jefferies Financial Group lowered their price target 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and an average price target of $95.50.

Pinnacle Financial Partners Trading Down 1.5 %

Shares of PNFP opened at $80.29 on Thursday. Pinnacle Financial Partners has a 52-week low of $43.31 and a 52-week high of $92.33. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm’s fifty day moving average is $82.20 and its two-hundred day moving average is $79.29. The stock has a market cap of $6.19 billion, a PE ratio of 11.49 and a beta of 1.08.

Insider Buying and Selling

In related news, CEO M Terry Turner sold 24,057 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 294,790 shares in the company, valued at $24,237,633.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman Richard D. Callicutt II sold 11,030 shares of the company’s stock in a transaction that occurred 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 directly owns 97,226 shares in the company, valued at $7,993,921.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO M Terry Turner sold 24,057 shares of the stock in a transaction that occurred on 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 owns 294,790 shares in the company, valued at $24,237,633.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 47,844 shares of company stock worth $3,933,734. Company insiders own 1.87% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Pinnacle Financial Partners by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock valued at $624,598,000 after purchasing an additional 63,477 shares during the last quarter. Wasatch Advisors LP increased its stake in Pinnacle Financial Partners by 41.8% in the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after purchasing an additional 985,694 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Pinnacle Financial Partners by 14.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock valued at $230,951,000 after purchasing an additional 334,502 shares during the last quarter. FMR LLC boosted its holdings in shares of Pinnacle Financial Partners by 3.4% in the third quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock valued at $139,721,000 after acquiring an additional 69,197 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in shares of Pinnacle Financial Partners by 102.7% in the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock valued at $125,394,000 after acquiring an additional 947,704 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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.