Pinnacle Financial Partners (NASDAQ:PNFP) Given New $99.00 Price Target at Truist Financial

Pinnacle Financial Partners (NASDAQ:PNFP - Free Report) had its price objective hoisted by Truist Financial from $93.00 to $99.00 in a report published on Monday morning, Benzinga reports. The firm currently has a buy rating on the financial services provider's stock.

PNFP has been the topic of several other reports. Stephens reaffirmed an overweight rating and issued a $108.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 17th. UBS Group lowered their price target on Pinnacle Financial Partners from $91.00 to $90.00 and set a neutral rating for the company in a report on Thursday, January 18th. Finally, Barclays assumed coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They issued an equal weight rating and a $93.00 price target for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $88.78.

Pinnacle Financial Partners Price Performance

PNFP stock traded down $2.32 on Monday, reaching $83.56. The company had a trading volume of 363,779 shares, compared to its average volume of 468,479. Pinnacle Financial Partners has a 1 year low of $43.31 and a 1 year 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. The company's fifty day moving average is $83.82 and its 200 day moving average is $77.36. The company has a market cap of $6.44 billion, a P/E ratio of 11.96 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Wednesday, January 17th. The financial services provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $396.34 million for the quarter, compared to analyst estimates of $416.97 million. During the same quarter in the prior year, the company earned $1.76 EPS. Pinnacle Financial Partners's revenue was down 1.4% on a year-over-year basis. On average, research analysts forecast that Pinnacle Financial Partners will post 6.82 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Friday, February 2nd were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $0.88 annualized dividend and a dividend yield of 1.05%. Pinnacle Financial Partners's dividend payout ratio is 12.26%.

Insider Activity

In other news, 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 transaction of $518,479.32. Following the completion of the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at approximately $5,250,240.32. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other 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 directly owns 294,790 shares in the company, valued at approximately $24,237,633.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the sale, the chief financial officer now owns 63,856 shares of the company's stock, valued at $5,250,240.32. The disclosure for this sale can be found here. Insiders sold a total of 54,175 shares of company stock worth $4,487,253 in the last three months. 1.87% of the stock is owned by insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Emerald Advisers LLC bought a new position in Pinnacle Financial Partners in the 3rd quarter worth approximately $27,000. DecisionPoint Financial LLC bought a new stake in shares of Pinnacle Financial Partners during the second quarter valued at approximately $28,000. International Assets Investment Management LLC acquired a new stake in Pinnacle Financial Partners in the 3rd quarter valued at $28,000. Fifth Third Bancorp boosted its stake in Pinnacle Financial Partners by 101.4% in the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider's stock valued at $28,000 after buying an additional 213 shares in the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new stake in Pinnacle Financial Partners in the 4th quarter valued at $32,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

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.