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

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective trimmed by Truist Financial from $99.00 to $94.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

A number of other research analysts also recently issued reports on the company. Barclays began coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They set an equal weight rating and a $93.00 price objective for the company. Stephens restated an overweight rating and issued a $109.00 price target on shares of Pinnacle Financial Partners in a research note on Tuesday. JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $110.00 to $108.00 and set an overweight rating for the company in a research note on Wednesday. Hovde Group decreased their price target on Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating for the company in a research note on Tuesday. Finally, UBS Group decreased their price target on Pinnacle Financial Partners from $91.00 to $90.00 and set a neutral rating for the company in a research note on Thursday, January 18th. 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. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $95.50.

Pinnacle Financial Partners Trading Down 0.7 %

Shares of PNFP traded down $0.57 during trading hours on Thursday, hitting $80.96. 213,123 shares of the stock traded hands, compared to its average volume of 464,422. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. Pinnacle Financial Partners has a 1-year low of $43.31 and a 1-year high of $92.33. The firm has a market capitalization of $6.24 billion, a PE ratio of 11.66 and a beta of 1.08. The business has a fifty day moving average of $82.28 and a 200-day moving average of $79.19.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be given a $0.22 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.09%. Pinnacle Financial Partners’s payout ratio is 12.59%.

Insider Buying and Selling

In related news, 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 sale, the chairman now directly owns 97,226 shares of the company’s stock, valued at approximately $7,993,921.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, 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 sale, the chairman now directly owns 97,226 shares of the company’s stock, valued at approximately $7,993,921.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO M Terry Turner sold 24,057 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 value of $1,977,966.54. Following the sale, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,844 shares of company stock valued at $3,933,734. Insiders own 1.87% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of 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% during the 4th quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock worth $624,598,000 after acquiring an additional 63,477 shares during the period. Wasatch Advisors LP increased its stake in Pinnacle Financial Partners by 41.8% during the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after acquiring an additional 985,694 shares during the period. Dimensional Fund Advisors LP increased its stake in Pinnacle Financial Partners by 14.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock worth $230,951,000 after acquiring an additional 334,502 shares during the period. FMR LLC increased its stake in Pinnacle Financial Partners by 3.4% during the 3rd quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock worth $139,721,000 after acquiring an additional 69,197 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Pinnacle Financial Partners by 102.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock valued at $125,394,000 after purchasing an additional 947,704 shares during the last quarter. Institutional investors 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.