Hovde Group Lowers Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $99.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective decreased by Hovde Group from $104.00 to $99.00 in a report published on Tuesday morning, Marketbeat Ratings reports. Hovde Group currently has an outperform rating on the financial services provider’s stock.

A number of other research analysts have also recently weighed in on the company. Stephens restated an overweight rating and issued a $109.00 price target on shares of Pinnacle Financial Partners in a research report on Tuesday. Truist Financial increased their price objective on Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a buy rating in a research note on Monday, April 1st. Jefferies Financial Group decreased their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating on the stock in a research note on Monday, April 8th. UBS Group decreased their price objective on Pinnacle Financial Partners from $91.00 to $90.00 and set a neutral rating on the stock in a research note on Thursday, January 18th. Finally, Barclays started coverage on 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 equities research analyst has rated the stock with a sell rating, three have issued 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 a consensus target price of $95.50.

Pinnacle Financial Partners Trading Down 1.5 %

Shares of PNFP stock opened at $80.29 on Tuesday. Pinnacle Financial Partners has a fifty-two week low of $43.31 and a fifty-two week high of $92.33. The stock has a market cap of $6.19 billion, a P/E ratio of 11.49 and a beta of 1.08. The business has a fifty day simple moving average of $82.20 and a 200-day simple moving average of $79.29. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date is Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is 12.59%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value 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 filing with the SEC, which can be accessed through this link. In other news, CEO M Terry Turner sold 24,057 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 294,790 shares in the company, valued at approximately $24,237,633.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now owns 63,856 shares in the company, valued at $5,250,240.32. The disclosure for this sale can be found here. In the last ninety days, insiders have 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 large investors have recently modified their holdings of the company. Caprock Group LLC raised its holdings in shares of Pinnacle Financial Partners by 2.2% in the 4th quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock worth $489,000 after purchasing an additional 122 shares during the period. NBC Securities Inc. raised its holdings in shares of Pinnacle Financial Partners by 1.3% during the 4th quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock valued at $821,000 after buying an additional 124 shares during the period. Verdence Capital Advisors LLC raised its holdings in shares of Pinnacle Financial Partners by 2.9% during the 1st quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock valued at $386,000 after buying an additional 126 shares during the period. Covenant Partners LLC raised its holdings in shares of Pinnacle Financial Partners by 1.4% during the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock valued at $933,000 after buying an additional 149 shares during the period. Finally, Treasurer of the State of North Carolina raised its holdings in shares of Pinnacle Financial Partners by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider’s stock valued at $2,215,000 after buying an additional 170 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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.