Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Cut to $85.00 by Analysts at Jefferies Financial Group

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective trimmed by Jefferies Financial Group from $88.00 to $85.00 in a research report released on Monday morning, Benzinga reports. The brokerage currently has a hold rating on the financial services provider’s stock.

Several other equities analysts have also commented on PNFP. UBS Group cut their price target on 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 Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a buy rating in a research note on Monday, April 1st. Barclays started coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an equal weight rating and a $93.00 target price on the stock. Finally, Stephens reiterated an overweight rating and issued a $108.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 17th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of Hold and a consensus price target of $92.57.

Pinnacle Financial Partners Stock Up 1.2 %

Shares of PNFP opened at $83.30 on Monday. The stock has a market capitalization of $6.42 billion, a price-to-earnings ratio of 11.60 and a beta of 1.08. Pinnacle Financial Partners has a 1 year low of $43.31 and a 1 year high of $92.33. The business’s 50 day simple moving average is $82.99 and its 200-day simple moving average is $78.02. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.01. Pinnacle Financial Partners had a return on equity of 9.78% and a net margin of 20.17%. The business had revenue of $396.34 million for the quarter, compared to analysts’ expectations of $416.97 million. During the same period in the prior year, the firm earned $1.76 EPS. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. As a group, equities analysts expect that Pinnacle Financial Partners will post 6.83 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Friday, February 2nd were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend was Thursday, February 1st. Pinnacle Financial Partners’s dividend payout ratio is presently 12.26%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the firm’s 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 sale, the chief financial officer now 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 is available through this hyperlink. In related news, CEO M Terry Turner sold 24,057 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 transaction of $1,977,966.54. Following the completion of the sale, the chief executive officer now 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 is available at the SEC website. Also, 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 sale, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,175 shares of company stock valued at $4,487,253. 1.87% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently modified their holdings of the company. Caprock Group LLC lifted its holdings in shares of Pinnacle Financial Partners by 2.2% during the fourth quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock worth $489,000 after purchasing an additional 122 shares during the period. NBC Securities Inc. lifted its holdings in shares of Pinnacle Financial Partners by 1.3% during the fourth quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock worth $821,000 after purchasing an additional 124 shares during the period. Cetera Advisor Networks LLC lifted its holdings in shares of Pinnacle Financial Partners by 2.9% during the fourth quarter. Cetera Advisor Networks LLC now owns 4,971 shares of the financial services provider’s stock worth $434,000 after purchasing an additional 141 shares during the period. Thrivent Financial for Lutherans lifted its holdings in shares of Pinnacle Financial Partners by 0.7% during the second quarter. Thrivent Financial for Lutherans now owns 20,040 shares of the financial services provider’s stock worth $1,449,000 after purchasing an additional 145 shares during the period. Finally, Covenant Partners LLC lifted its holdings in shares of Pinnacle Financial Partners by 1.4% during the fourth quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock worth $933,000 after purchasing an additional 149 shares during the period. 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.