Pinnacle Financial Partners (NASDAQ:PNFP) Now Covered by Analysts at Truist Financial

Stock analysts at Truist Financial began coverage on shares of Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) in a note issued to investors on Tuesday, MarketBeat.com reports. The firm 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 10.45% from the stock's current price.

A number of other equities research analysts have also weighed in on PNFP. Barclays cut their price objective 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. Wells Fargo & Company cut their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Stephens reiterated an "overweight" rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods cut their price objective on 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. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $119.90.

Pinnacle Financial Partners Trading Up 0.4%

Pinnacle Financial Partners stock traded up $0.43 during trading hours on Tuesday, reaching $111.36. The company had a trading volume of 271,210 shares, compared to its average volume of 502,426. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The company has a 50-day moving average price of $101.14 and a 200 day moving average price of $112.38. The firm has a market cap of $8.64 billion, a price-to-earnings ratio of 18.62 and a beta of 1.00. Pinnacle Financial Partners has a 12-month low of $73.62 and a 12-month high of $131.91.

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

Insider Activity at Pinnacle Financial Partners

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

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds have recently added to or reduced their stakes in PNFP. Barclays PLC boosted its holdings in Pinnacle Financial Partners by 117.0% in the third quarter. Barclays PLC now owns 167,838 shares of the financial services provider's stock worth $16,442,000 after acquiring an additional 90,478 shares in the last quarter. Wedmont Private Capital bought a new stake in Pinnacle Financial Partners in the fourth quarter worth $224,000. Park Avenue Securities LLC boosted its holdings in Pinnacle Financial Partners by 25.7% in the fourth quarter. Park Avenue Securities LLC now owns 8,702 shares of the financial services provider's stock worth $995,000 after acquiring an additional 1,777 shares in the last quarter. Trust Co. of Vermont purchased a new position in shares of Pinnacle Financial Partners in the fourth quarter worth $97,000. Finally, HB Wealth Management LLC lifted its holdings in shares of Pinnacle Financial Partners by 27.5% during the fourth quarter. HB Wealth Management LLC now owns 3,224 shares of the financial services provider's stock valued at $369,000 after purchasing an additional 696 shares in the last quarter. 87.40% of the stock is owned by 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.