Pinnacle Financial Partners (NASDAQ:PNFP) Given New $94.00 Price Target at Truist Financial

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target cut by Truist Financial from $99.00 to $94.00 in a report released on Thursday, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

PNFP has been the topic of a number of other reports. JPMorgan Chase & Co. lowered their price target on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an overweight rating on the stock in a research note on Wednesday. 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 note on Tuesday. Stephens reaffirmed an overweight rating and set a $109.00 price target on shares of Pinnacle Financial Partners in a research note on Tuesday. UBS Group lowered their price objective on shares of 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, Jefferies Financial Group lowered their price objective on shares of 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of Hold and a consensus target price of $95.50.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP traded down $0.57 on Thursday, reaching $80.96. 213,123 shares of the company were exchanged, 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 cap of $6.24 billion, a price-to-earnings ratio of 11.66 and a beta of 1.08. The company has a 50-day moving average of $82.28 and a 200-day moving average of $79.19.

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 $0.22 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.09%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.59%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the transaction, the chief financial officer now directly owns 63,856 shares in the company, valued at approximately $5,250,240.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the transaction, 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 SEC, which is available at this hyperlink. Also, CEO M Terry Turner sold 24,057 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following 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. In the last ninety days, insiders have sold 47,844 shares of company stock worth $3,933,734. Corporate insiders own 1.87% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PNFP. Rise Advisors LLC purchased a new position in Pinnacle Financial Partners in the first quarter valued at approximately $26,000. Emerald Advisers LLC purchased a new position in Pinnacle Financial Partners in the third quarter valued at approximately $27,000. Fifth Third Bancorp raised its holdings in Pinnacle Financial Partners by 101.4% in the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock valued at $28,000 after buying an additional 213 shares during the period. Bruce G. Allen Investments LLC purchased a new position in Pinnacle Financial Partners in the fourth quarter valued at approximately $32,000. Finally, Nomura Asset Management Co. Ltd. raised its holdings in Pinnacle Financial Partners by 57.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock valued at $37,000 after buying an additional 200 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.