Stephens Reaffirms “Overweight” Rating for Pinnacle Financial Partners (NASDAQ:PNFP)

Pinnacle Financial Partners (NASDAQ:PNFP)‘s stock had its “overweight” rating reiterated by analysts at Stephens in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $109.00 target price on the financial services provider’s stock. Stephens’ target price points to a potential upside of 31.39% from the stock’s current price.

A number of other brokerages have also weighed in on PNFP. UBS Group cut 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 research note on Thursday, January 18th. Truist Financial lifted their target price on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Jefferies Financial Group cut 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 research note on Monday, April 8th. Finally, Barclays started 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 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Pinnacle Financial Partners has an average rating of “Hold” and a consensus price target of $96.13.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $82.96 on Tuesday. The stock has a market cap of $6.39 billion, a P/E ratio of 11.87 and a beta of 1.08. The firm’s fifty day moving average price is $82.35 and its 200-day moving average price is $79.18. 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 debt-to-equity ratio of 0.44, a quick ratio of 0.90 and a current ratio of 0.90.

Insider Buying and Selling

In other news, CEO M Terry Turner sold 24,057 shares of the business’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 $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 $24,237,633.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the company’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 $518,479.32. Following the completion of the sale, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO M Terry Turner sold 24,057 shares of the company’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 $1,977,966.54. Following the sale, the chief executive officer now directly 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 have sold 47,844 shares of company stock valued at $3,933,734 over the last quarter. Corporate insiders own 1.87% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rise Advisors LLC bought a new position in shares of Pinnacle Financial Partners during the first quarter worth $26,000. Emerald Advisers LLC bought a new position in Pinnacle Financial Partners during the third quarter valued at $27,000. Fifth Third Bancorp lifted its position in Pinnacle Financial Partners by 101.4% during the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 213 shares during the last quarter. Bruce G. Allen Investments LLC bought a new position in Pinnacle Financial Partners during the fourth quarter valued at $32,000. Finally, Nomura Asset Management Co. Ltd. lifted its position in Pinnacle Financial Partners by 57.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 200 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

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.