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

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) had its target price cut by equities research analysts at Jefferies Financial Group from $88.00 to $85.00 in a research note issued on Monday, Benzinga reports. The firm currently has a "hold" rating on the financial services provider's stock. Jefferies Financial Group's price target points to a potential upside of 2.04% from the stock's previous close.

PNFP has been the topic of a number of other research reports. Stephens reaffirmed an "overweight" rating and issued a $108.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 17th. Barclays assumed coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They set an "equal weight" rating and a $93.00 target price on the stock. UBS Group cut their target price on 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. Finally, Truist Financial raised their target price on Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a "buy" rating in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $92.57.

Pinnacle Financial Partners Trading Up 1.2 %

Pinnacle Financial Partners stock traded up $1.02 during midday trading on Monday, reaching $83.30. 211,780 shares of the stock traded hands, compared to its average volume of 456,431. The company has a 50-day simple moving average of $82.99 and a two-hundred day simple moving average of $78.02. Pinnacle Financial Partners has a 12-month low of $43.31 and a 12-month high of $92.33. The firm has a market cap of $6.42 billion, a PE ratio of 11.60 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.44.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $1.68 EPS for the quarter, beating analysts' consensus estimates of $1.67 by $0.01. The company had revenue of $396.34 million during the quarter, compared to analysts' expectations of $416.97 million. Pinnacle Financial Partners had a return on equity of 9.78% and a net margin of 20.17%. Pinnacle Financial Partners's revenue for the quarter was down 1.4% on a year-over-year basis. During the same period last year, the business posted $1.76 EPS. Research analysts expect that Pinnacle Financial Partners will post 6.83 earnings per share for the current fiscal year.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 6,331 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $87.43, for a total value of $553,519.33. Following the completion of the transaction, the chairman now owns 202,699 shares in the company, valued at $17,721,973.57. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,175 shares of company stock worth $4,487,253. 1.87% of the stock is currently owned by insiders.

Institutional Trading of Pinnacle Financial Partners

A number of institutional investors have recently modified their holdings of PNFP. American Century Companies Inc. boosted its stake in shares of Pinnacle Financial Partners by 12.1% in the first quarter. American Century Companies Inc. now owns 6,848 shares of the financial services provider's stock valued at $631,000 after buying an additional 738 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp acquired a new position in Pinnacle Financial Partners during the first quarter worth $101,000. PNC Financial Services Group Inc. raised its holdings in Pinnacle Financial Partners by 76.9% during the first quarter. PNC Financial Services Group Inc. now owns 6,527 shares of the financial services provider's stock worth $600,000 after purchasing an additional 2,838 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Pinnacle Financial Partners by 10.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,903 shares of the financial services provider's stock worth $2,569,000 after purchasing an additional 2,660 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in Pinnacle Financial Partners by 1.5% during the first quarter. BlackRock Inc. now owns 6,935,015 shares of the financial services provider's stock worth $638,577,000 after purchasing an additional 104,706 shares during the last quarter. 87.40% of the stock is currently 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.