Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Cut to $102.00 by Analysts at Stephens

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective reduced by Stephens from $109.00 to $102.00 in a research report report published on Thursday morning, MarketBeat.com reports. They currently have an overweight rating on the financial services provider’s stock.

PNFP has been the topic of a number of other reports. Truist Financial reduced their target price on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a buy rating on the stock in a research report on Thursday, April 25th. JPMorgan Chase & Co. decreased their price objective on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an overweight rating for the company in a research report on Wednesday, April 24th. Hovde Group dropped their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating on the stock in a research report on Tuesday, April 23rd. Barclays initiated coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They issued an equal weight rating and a $93.00 price target for the company. Finally, Jefferies Financial Group dropped their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating on the stock in a report on Monday, April 8th. One 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, the stock currently has an average rating of Hold and a consensus price target of $94.63.

Pinnacle Financial Partners Trading Up 0.7 %

NASDAQ:PNFP opened at $79.38 on Thursday. The business’s 50-day moving average is $81.86 and its two-hundred day moving average is $81.89. The firm has a market capitalization of $6.13 billion, a PE ratio of 11.36 and a beta of 1.09. Pinnacle Financial Partners has a 12 month low of $47.61 and a 12 month high of $92.33. 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 (NASDAQ:PNFP) last posted its earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.52 by $0.01. The business had revenue of $428.14 million during the quarter, compared to analyst estimates of $413.27 million. Pinnacle Financial Partners had a return on equity of 9.31% and a net margin of 18.59%. Research analysts predict that Pinnacle Financial Partners will post 6.72 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date is Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

Insider Transactions at Pinnacle Financial Partners

In related news, CEO M Terry Turner sold 72,000 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the sale, the chief executive officer now directly owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO Harold R. Carpenter sold 6,306 shares of the 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 $518,479.32. Following the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at approximately $5,250,240.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO M Terry Turner sold 72,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 222,790 shares in the company, valued at approximately $18,039,306.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 235,093 shares of company stock worth $19,103,353. 1.87% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Pinnacle Financial Partners by 0.9% during 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 acquiring an additional 63,477 shares during the period. Wasatch Advisors LP grew its position in Pinnacle Financial Partners by 41.8% in the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after purchasing an additional 985,694 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Pinnacle Financial Partners by 14.5% in 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 purchasing an additional 334,502 shares during the last quarter. FMR LLC increased its stake 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 purchasing an additional 69,197 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of Pinnacle Financial Partners by 102.7% during 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 buying an additional 947,704 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

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.