Pinnacle Financial Partners (NASDAQ:PNFP) PT Lowered to $102.00 at Stephens

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

Other equities analysts have also recently issued research reports about the company. 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. Truist Financial cut their target price on Pinnacle Financial Partners from $99.00 to $94.00 and set a buy rating for the company in a research note on Thursday, April 25th. Barclays began coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They set an equal weight rating and a $93.00 price target on the stock. Hovde Group dropped their price objective on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating for the company in a research note on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an overweight rating on the stock in a research report on Wednesday, April 24th. 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 stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average price target of $94.63.

Pinnacle Financial Partners Trading Up 0.7 %

Shares of Pinnacle Financial Partners stock opened at $79.38 on Thursday. Pinnacle Financial Partners has a 1 year low of $47.61 and a 1 year high of $92.33. The company’s fifty day simple moving average is $81.86 and its 200-day simple moving average is $81.78. The company has a market cap of $6.13 billion, a price-to-earnings ratio of 11.36 and a beta of 1.09. 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 (NASDAQ:PNFP) last posted its quarterly earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.01. The company had revenue of $428.14 million for the quarter, compared to analyst estimates of $413.27 million. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. As a group, sell-side analysts expect that Pinnacle Financial Partners will post 6.75 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

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

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the completion of the sale, the chairman now owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value 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 $5,250,240.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. Insiders have sold a total of 235,093 shares of company stock worth $19,103,353 over the last ninety days. Corporate insiders own 1.87% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of large investors have recently modified their holdings of the stock. Rise Advisors LLC acquired a new stake in shares of Pinnacle Financial Partners in the first quarter valued at approximately $26,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at $32,000. Fifth Third Bancorp raised its position in shares of Pinnacle Financial Partners by 101.4% during the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 213 shares during the last quarter. ICA Group Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at $44,000. Finally, Nomura Asset Management Co. Ltd. boosted 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 acquiring an additional 200 shares during 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.