Truist Financial Begins Coverage on Pinnacle Financial Partners (NASDAQ:PNFP)

Research analysts at Truist Financial started coverage on shares of Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) in a report issued on Tuesday. The brokerage set a "buy" rating and a $123.00 price target on the financial services provider's stock. Truist Financial's price target would indicate a potential upside of 10.84% from the stock's current price.

Several other analysts also recently weighed in on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. Barclays cut their target price on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Hovde Group raised Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target on the stock in a research note on Wednesday, April 16th. Finally, Stephens reissued an "overweight" rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of "Moderate Buy" and a consensus target price of $119.90.

Pinnacle Financial Partners Stock Up 0.1%

PNFP traded up $0.06 during trading on Tuesday, reaching $110.97. The stock had a trading volume of 75,152 shares, compared to its average volume of 498,389. Pinnacle Financial Partners has a one year low of $73.62 and a one year high of $131.91. The company has a market capitalization of $8.59 billion, a price-to-earnings ratio of 18.56 and a beta of 1.00. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The stock's 50 day moving average is $100.47 and its two-hundred day moving average is $112.26.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts' consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business had revenue of $475.37 million for the quarter, compared to analysts' expectations of $478.11 million. During the same quarter in the prior year, the company earned $1.53 earnings per share. As a group, analysts expect that Pinnacle Financial Partners will post 7.85 earnings per share for the current year.

Insider Buying and Selling

In other news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the transaction, the chairman now owns 83,000 shares of the company's stock, valued at approximately $9,446,230. This represents a 32.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO M Terry Turner sold 2,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the sale, the chief executive officer now directly owns 254,552 shares of the company's stock, valued at approximately $25,615,567.76. This represents a 0.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,041 shares of company stock valued at $5,062,386 over the last three months. 1.46% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PNFP. Vanguard Group Inc. increased its position in shares of Pinnacle Financial Partners by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock worth $823,652,000 after purchasing an additional 87,058 shares in the last quarter. FMR LLC boosted its position in Pinnacle Financial Partners by 10.6% during the 4th quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock valued at $343,549,000 after purchasing an additional 286,894 shares during the period. North Reef Capital Management LP boosted its holdings in shares of Pinnacle Financial Partners by 57.1% in the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock valued at $221,917,000 after acquiring an additional 705,000 shares in the last quarter. Capital Research Global Investors grew its position in Pinnacle Financial Partners by 57.0% in the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock worth $178,425,000 after buying an additional 566,061 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Pinnacle Financial Partners by 16.5% in the 4th quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock valued at $172,072,000 after acquiring an additional 213,505 shares in the last quarter. Hedge funds and other 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.

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