Truist Financial Has Lowered Expectations for Pinnacle Financial Partners (NASDAQ:PNFP) Stock Price

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price lowered by investment analysts at Truist Financial from $107.00 to $105.00 in a research report issued to clients and investors on Friday, MarketBeat.com reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective points to a potential upside of 20.66% from the company’s current price.

Several other brokerages have also weighed in on PNFP. UBS Group dropped their target price on Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 2nd. Cowen began coverage on Pinnacle Financial Partners in a research report on Wednesday, September 24th. They issued a “buy” rating on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, October 8th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $110.00 target price (down from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Finally, Keefe, Bruyette & Woods dropped their target price on Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating on the stock in a research report on Wednesday, August 13th. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $110.27.

Pinnacle Financial Partners Stock Up 2.7%

NASDAQ:PNFP opened at $87.02 on Friday. The firm has a market capitalization of $6.75 billion, a price-to-earnings ratio of 11.06 and a beta of 1.02. Pinnacle Financial Partners has a 1-year low of $81.57 and a 1-year high of $131.91. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.33. The business’s fifty day moving average price is $94.23 and its 200 day moving average price is $100.38.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.22. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.The company had revenue of $544.80 million for the quarter, compared to analyst estimates of $526.40 million. During the same period in the prior year, the firm posted $1.86 EPS. On average, sell-side analysts forecast that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the purchase, the director directly owned 28,277 shares in the company, valued at $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Harold R. Carpenter bought 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 31st. The shares were acquired at an average price of $89.73 per share, with a total value of $89,730.00. Following the purchase, the chief financial officer owned 105,050 shares in the company, valued at $9,426,136.50. This trade represents a 0.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 12,174 shares of company stock worth $1,047,079. 1.46% of the stock is owned by corporate insiders.

Institutional Trading of Pinnacle Financial Partners

Several hedge funds have recently added to or reduced their stakes in the business. KLP Kapitalforvaltning AS boosted its stake in Pinnacle Financial Partners by 0.6% during the 1st quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider’s stock valued at $1,675,000 after purchasing an additional 100 shares during the period. Sheets Smith Wealth Management boosted its stake in Pinnacle Financial Partners by 1.8% during the 2nd quarter. Sheets Smith Wealth Management now owns 5,980 shares of the financial services provider’s stock valued at $660,000 after purchasing an additional 105 shares during the period. Brooklyn Investment Group boosted its stake in Pinnacle Financial Partners by 15.3% during the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider’s stock valued at $88,000 after purchasing an additional 110 shares during the period. Park Avenue Securities LLC boosted its stake in Pinnacle Financial Partners by 1.5% during the 2nd quarter. Park Avenue Securities LLC now owns 8,177 shares of the financial services provider’s stock valued at $903,000 after purchasing an additional 121 shares during the period. Finally, EJF Capital LLC boosted its stake in Pinnacle Financial Partners by 2.5% during the 2nd quarter. EJF Capital LLC now owns 5,138 shares of the financial services provider’s stock valued at $567,000 after purchasing an additional 127 shares during the period. Institutional investors own 87.40% of the company’s stock.

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.