Hovde Group Cuts Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $99.00

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) had its target price reduced by stock analysts at Hovde Group from $104.00 to $99.00 in a report released on Tuesday, Marketbeat reports. The firm currently has an "outperform" rating on the financial services provider's stock. Hovde Group's price target suggests a potential upside of 21.71% from the company's previous close.

A number of other brokerages also recently issued reports on PNFP. Stephens reissued an "overweight" rating and set a $109.00 target price on shares of Pinnacle Financial Partners in a research note on Tuesday. UBS Group decreased their target price 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. Barclays began coverage on shares of 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. Truist Financial boosted their price objective on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a "buy" rating in a report on Monday, April 1st. Finally, Jefferies Financial Group reduced their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a "hold" rating for the company in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $93.50.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP traded down $0.08 during midday trading on Tuesday, hitting $81.34. The stock had a trading volume of 1,113,039 shares, compared to its average volume of 465,434. The company has a market capitalization of $6.27 billion, a PE ratio of 11.33 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 stock has a 50 day moving average price of $82.34 and a two-hundred day moving average price of $79.15. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.44.

Insider Buying and Selling

In other news, CEO M Terry Turner sold 24,057 shares of the company's stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $1,977,966.54. Following the sale, the chief executive officer now directly owns 294,790 shares in the company, valued at $24,237,633.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO M Terry Turner sold 24,057 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 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 $24,237,633.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Harold R. Carpenter sold 6,306 shares of the company'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 transaction, the chief financial officer now directly owns 63,856 shares in the company, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. Insiders sold 47,844 shares of company stock worth $3,933,734 in the last ninety days. Insiders own 1.87% of the company's stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in PNFP. International Assets Investment Management LLC raised its stake in Pinnacle Financial Partners by 6,999.3% during the fourth quarter. International Assets Investment Management LLC now owns 30,527 shares of the financial services provider's stock worth $2,663,000 after purchasing an additional 30,097 shares during the period. Wellington Management Group LLP boosted its holdings in Pinnacle Financial Partners by 102.7% in the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider's stock valued at $125,394,000 after acquiring an additional 947,704 shares during the last quarter. FMR LLC grew its position in Pinnacle Financial Partners by 3.4% during the third quarter. FMR LLC now owns 2,084,141 shares of the financial services provider's stock valued at $139,721,000 after acquiring an additional 69,197 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Pinnacle Financial Partners by 31.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 238,626 shares of the financial services provider's stock worth $20,813,000 after acquiring an additional 57,187 shares during the last quarter. Finally, Algert Global LLC raised its holdings in shares of Pinnacle Financial Partners by 175.6% in the 3rd quarter. Algert Global LLC now owns 38,862 shares of the financial services provider's stock worth $2,605,000 after purchasing an additional 24,763 shares during the period. Hedge funds and other institutional investors 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.