Pinnacle Financial Partners (NASDAQ:PNFP) PT Lowered to $108.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price trimmed by JPMorgan Chase & Co. from $110.00 to $108.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

A number of other equities research analysts have also weighed in on PNFP. Jefferies Financial Group lowered their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating on the stock in a report on Monday, April 8th. Barclays started coverage on shares of Pinnacle Financial Partners in a report on Friday, March 8th. They issued an equal weight rating and a $93.00 target price on the stock. Hovde Group lowered their target price on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating on the stock in a report on Tuesday. Truist Financial upped their target price on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a buy rating in a report on Monday, April 1st. Finally, UBS Group lowered their target price on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a neutral rating on the stock in a report on Thursday, January 18th. 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 company. According to MarketBeat, Pinnacle Financial Partners has a consensus rating of Hold and a consensus price target of $96.13.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $82.96 on Wednesday. The firm’s 50-day moving average price is $82.35 and its 200-day moving average price is $79.18. 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 $6.39 billion, a P/E ratio of 11.87 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43.

Insider Activity

In other news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the transaction, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO M Terry Turner sold 24,057 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the completion of the transaction, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at approximately $24,237,633.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $5,250,240.32. The disclosure for this sale can be found here. Insiders sold 47,844 shares of company stock valued at $3,933,734 in the last three months. Company insiders own 1.87% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

A number of institutional investors have recently modified their holdings of PNFP. Wasatch Advisors LP lifted its stake in shares of 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 valued at $286,961,000 after buying an additional 985,694 shares in the last quarter. Norges Bank purchased a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at approximately $83,461,000. Wellington Management Group LLP lifted its stake in shares of Pinnacle Financial Partners by 102.7% during 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 buying an additional 947,704 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Pinnacle Financial Partners by 185.5% during the 4th quarter. Principal Financial Group Inc. now owns 808,135 shares of the financial services provider’s stock valued at $70,486,000 after buying an additional 525,101 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of 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 valued at $230,951,000 after buying an additional 334,502 shares in the last quarter. 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.