Hovde Group Cuts Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $99.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target decreased by Hovde Group from $104.00 to $99.00 in a research report released on Tuesday, Marketbeat Ratings reports. Hovde Group currently has an outperform rating on the financial services provider’s stock.

Several other research analysts have also commented on the company. Stephens reissued an overweight rating and issued a $109.00 price objective on shares of Pinnacle Financial Partners in a research report on Tuesday. Truist Financial lifted their target price on Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a buy rating in a research report on Monday, April 1st. Jefferies Financial Group dropped their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating on the stock in a research report on Monday, April 8th. Barclays started coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They set an equal weight rating and a $93.00 target price on the stock. Finally, UBS Group dropped their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a neutral rating on the stock in a research report on Thursday, January 18th. One equities 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’s stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has an average rating of Hold and an average target price of $95.50.

Pinnacle Financial Partners Trading Down 1.7 %

NASDAQ:PNFP opened at $81.53 on Tuesday. The business’s 50-day moving average is $82.28 and its two-hundred day moving average is $79.19. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners has a 12 month low of $43.31 and a 12 month high of $92.33. The firm has a market capitalization of $6.28 billion, a PE ratio of 11.66 and a beta of 1.08.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.08%. Pinnacle Financial Partners’s payout ratio is currently 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 Pinnacle Financial Partners stock in a transaction that occurred on 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 in the company, valued at $5,250,240.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction that occurred on 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 in the company, valued at $5,250,240.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO M Terry Turner sold 24,057 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $1,977,966.54. Following the transaction, the chief executive officer now owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The disclosure for this sale can be found here. Insiders sold a total of 47,844 shares of company stock worth $3,933,734 over the last ninety days. Company insiders own 1.87% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Hedge funds and other institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC boosted its position in shares of Pinnacle Financial Partners by 6,999.3% during the fourth quarter. International Assets Investment Management LLC now owns 30,527 shares of the financial services provider’s stock worth $2,663,000 after buying an additional 30,097 shares during the period. Wellington Management Group LLP raised its holdings in Pinnacle Financial Partners by 102.7% during the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock worth $125,394,000 after purchasing an additional 947,704 shares in the last quarter. FMR LLC raised its holdings in Pinnacle Financial Partners by 3.4% during the third quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock worth $139,721,000 after purchasing an additional 69,197 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Pinnacle Financial Partners by 31.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 238,626 shares of the financial services provider’s stock worth $20,813,000 after purchasing an additional 57,187 shares in the last quarter. Finally, Algert Global LLC raised its holdings in Pinnacle Financial Partners by 175.6% during the third quarter. Algert Global LLC now owns 38,862 shares of the financial services provider’s stock worth $2,605,000 after purchasing an additional 24,763 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.