Truist Financial Trims Pinnacle Financial Partners (NASDAQ:PNFP) Target Price to $94.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective trimmed by Truist Financial from $99.00 to $94.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

PNFP has been the topic of a number of other research reports. Hovde Group cut their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating on the stock in a research report on Tuesday, April 23rd. UBS Group cut their price objective on shares of 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. Stephens reissued an overweight rating and set a $109.00 price objective on shares of Pinnacle Financial Partners in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. cut their price objective 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. Finally, Jefferies Financial Group cut their price objective on shares of 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average price target of $95.50.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $80.29 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $6.19 billion, a P/E ratio of 11.49 and a beta of 1.08. The firm’s fifty day simple moving average is $82.20 and its two-hundred day simple moving average is $79.37. Pinnacle Financial Partners has a 12 month low of $43.31 and a 12 month high of $92.33.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 1.10%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.59%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 24,057 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $1,977,966.54. Following the completion of the sale, the chief executive officer now owns 294,790 shares in the company, valued at approximately $24,237,633.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Harold R. Carpenter sold 6,306 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 $518,479.32. Following the completion of the sale, the chief financial officer now owns 63,856 shares in the company, valued at approximately $5,250,240.32. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO M Terry Turner sold 24,057 shares of the firm’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 transaction of $1,977,966.54. Following the sale, the chief executive officer now owns 294,790 shares of the company’s stock, valued at approximately $24,237,633.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,844 shares of company stock worth $3,933,734. Insiders own 1.87% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Caprock Group LLC boosted its holdings in Pinnacle Financial Partners by 2.2% in the 4th quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock worth $489,000 after buying an additional 122 shares during the period. NBC Securities Inc. boosted its holdings in Pinnacle Financial Partners by 1.3% in the 4th quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock worth $821,000 after buying an additional 124 shares during the period. Verdence Capital Advisors LLC boosted its holdings in Pinnacle Financial Partners by 2.9% in the 1st quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock worth $386,000 after buying an additional 126 shares during the period. Covenant Partners LLC boosted its holdings in Pinnacle Financial Partners by 1.4% in the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock worth $933,000 after buying an additional 149 shares during the period. Finally, Treasurer of the State of North Carolina boosted its holdings in Pinnacle Financial Partners by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider’s stock worth $2,215,000 after buying an additional 170 shares during the period. 87.40% of the stock is owned by 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.