Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Cut to $99.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective dropped by equities research analysts at Hovde Group from $104.00 to $99.00 in a research report issued on Tuesday, Briefing.com reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Hovde Group’s target price would indicate a potential upside of 22.07% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Truist Financial increased their price target on Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Jefferies Financial Group cut their price target on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. UBS Group lowered their price target on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, January 18th. Barclays began coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 target price for the company. Finally, Stephens reaffirmed an “overweight” rating and set a $109.00 target price on shares of Pinnacle Financial Partners in a report on Tuesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $93.50.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock traded down $0.32 during trading hours on Tuesday, hitting $81.10. 803,737 shares of the company’s stock were exchanged, compared to its average volume of 460,940. The firm has a 50 day moving average of $82.32 and a two-hundred day moving average of $79.05. Pinnacle Financial Partners has a fifty-two week low of $43.31 and a fifty-two week high of $92.33. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.44. The firm has a market cap of $6.25 billion, a P/E ratio of 11.30 and a beta of 1.08.

Insider Transactions 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 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 transaction, the chief financial officer now owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Pinnacle Financial Partners news, Chairman Richard D. Callicutt II sold 11,030 shares of the firm’s 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 $906,886.60. Following the completion of the sale, the chairman now directly owns 97,226 shares in the company, valued at $7,993,921.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners 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 in the company, valued at $5,250,240.32. The disclosure for this sale can be found here. Insiders have sold 47,844 shares of company stock valued at $3,933,734 in the last three months. 1.87% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently bought and sold shares of PNFP. Red Door Wealth Management LLC bought a new stake in Pinnacle Financial Partners in the third quarter valued at $214,000. Peregrine Capital Management LLC lifted its stake in Pinnacle Financial Partners by 1,239.7% in the 3rd quarter. Peregrine Capital Management LLC now owns 158,900 shares of the financial services provider’s stock worth $10,653,000 after purchasing an additional 147,039 shares in the last quarter. Hunter Perkins Capital Management LLC raised its position in shares of Pinnacle Financial Partners by 6.0% during the 3rd quarter. Hunter Perkins Capital Management LLC now owns 9,595 shares of the financial services provider’s stock valued at $643,000 after buying an additional 545 shares in the last quarter. Covenant Partners LLC raised its position in shares of Pinnacle Financial Partners by 3.2% during the 3rd quarter. Covenant Partners LLC now owns 10,550 shares of the financial services provider’s stock valued at $707,000 after buying an additional 330 shares in the last quarter. Finally, Bfsg LLC purchased a new position in Pinnacle Financial Partners in the 3rd quarter worth $277,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

About Pinnacle Financial Partners

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.