Truist Financial Lowers Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $87.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price trimmed by Truist Financial from $94.00 to $87.00 in a research report report published on Monday morning, Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

PNFP has been the subject of several other research reports. Jefferies Financial Group decreased their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating for the company in a research report on Monday, April 8th. JPMorgan Chase & Co. decreased their target price on Pinnacle Financial Partners from $108.00 to $105.00 and set an overweight rating for the company in a research report on Thursday, June 27th. Stephens reduced their price target on Pinnacle Financial Partners from $109.00 to $102.00 and set an overweight rating for the company in a report on Thursday, May 23rd. Finally, Hovde Group reduced their price target on Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating for the company in a report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus price target of $93.38.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $80.16 on Monday. The stock has a 50-day moving average price of $79.12 and a two-hundred day moving average price of $81.93. Pinnacle Financial Partners has a 12-month low of $58.32 and a 12-month high of $92.33. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The company has a market cap of $6.19 billion, a PE ratio of 11.47 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.01. Pinnacle Financial Partners had a return on equity of 9.31% and a net margin of 18.59%. The company had revenue of $428.14 million during the quarter, compared to the consensus estimate of $413.27 million. As a group, research analysts predict that Pinnacle Financial Partners will post 6.75 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 3rd were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.10%. The ex-dividend date was Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners 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 owns 222,790 shares in the company, valued at $18,039,306.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the sale, the chairman now directly owns 153,062 shares in the company, valued at approximately $12,404,144.48. 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 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 sale, the chief executive officer now owns 222,790 shares in the company, valued at $18,039,306.30. The disclosure for this sale can be found here. 1.87% of the stock is currently owned by insiders.

Institutional Trading of Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc raised its position in shares of Pinnacle Financial Partners by 44.5% during the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 133 shares during the period. GAMMA Investing LLC grew its holdings in Pinnacle Financial Partners by 26.7% in the 2nd quarter. GAMMA Investing LLC now owns 853 shares of the financial services provider’s stock worth $68,000 after buying an additional 180 shares in the last quarter. Atria Investments Inc grew its holdings in Pinnacle Financial Partners by 40.9% in the 1st quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider’s stock worth $3,713,000 after buying an additional 12,551 shares in the last quarter. Swedbank AB bought a new position in Pinnacle Financial Partners in the 1st quarter worth approximately $21,470,000. Finally, Beacon Capital Management LLC boosted its stake in Pinnacle Financial Partners by 473.3% during the 1st quarter. Beacon Capital Management LLC now owns 1,720 shares of the financial services provider’s stock valued at $148,000 after purchasing an additional 1,420 shares in the last quarter. 87.40% of the stock is currently 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.