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

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) had its price objective dropped by equities research analysts at Truist Financial from $99.00 to $94.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. Truist Financial's price objective would suggest a potential upside of 15.29% from the stock's previous close.

A number of other equities research analysts have also weighed in on PNFP. JPMorgan Chase & Co. decreased their target price on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an "overweight" rating for the company in a research note on Wednesday. Stephens restated an "overweight" rating and issued a $109.00 price objective on shares of Pinnacle Financial Partners in a research note on Tuesday. UBS Group reduced their price objective on Pinnacle Financial Partners from $91.00 to $90.00 and set a "neutral" rating for the company in a research note on Thursday, January 18th. Hovde Group reduced their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an "outperform" rating for the company in a research note on Tuesday. Finally, Barclays assumed coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an "equal weight" rating and a $93.00 price objective for the company. One equities research 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's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $95.50.

Pinnacle Financial Partners Stock Down 1.7 %

NASDAQ PNFP traded down $1.43 during mid-day trading on Thursday, reaching $81.53. The stock had a trading volume of 598,704 shares, compared to its average volume of 467,758. Pinnacle Financial Partners has a 1 year low of $43.31 and a 1 year high of $92.33. The stock has a market cap of $6.28 billion, a PE ratio of 11.57 and a beta of 1.08. The company has a fifty day moving average price of $82.35 and a 200 day moving average price of $79.18. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Insider Activity

In other news, CEO M Terry Turner sold 24,057 shares of the firm's 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 transaction, the chief executive officer now owns 294,790 shares in the company, valued at $24,237,633.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Pinnacle Financial Partners news, Chairman Richard D. Callicutt II sold 11,030 shares of the firm's stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $906,886.60. Following the completion of the sale, the chairman now owns 97,226 shares of the company's stock, valued at $7,993,921.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO M Terry Turner sold 24,057 shares of Pinnacle Financial Partners 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 $1,977,966.54. Following the sale, the chief executive officer now directly 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. Insiders sold a total of 47,844 shares of company stock worth $3,933,734 over the last 90 days. Corporate insiders own 1.87% of the company's stock.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors and hedge funds have recently modified their holdings of PNFP. Rise Advisors LLC bought a new stake in shares of Pinnacle Financial Partners during the first quarter valued at approximately $26,000. Emerald Advisers LLC purchased a new position in Pinnacle Financial Partners during the third quarter valued at approximately $27,000. Fifth Third Bancorp increased its holdings in Pinnacle Financial Partners by 101.4% during the third 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 during the period. Bruce G. Allen Investments LLC purchased a new position in Pinnacle Financial Partners during the fourth quarter valued at approximately $32,000. Finally, Nomura Asset Management Co. Ltd. increased its holdings in Pinnacle Financial Partners by 57.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider's stock valued at $37,000 after buying an additional 200 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.