Truist Financial Has Lowered Expectations for Pinnacle Financial Partners (NASDAQ:PNFP) Stock Price

Key Points

• Truist Financial has lowered its price target for Pinnacle Financial Partners from $111.00 to $107.00, while maintaining a "buy" rating.
• Currently, the stock has a consensus rating of "Hold" among analysts, with an average price target of $111.50.
• Pinnacle Financial Partners reported a quarterly earnings of $2.00 per share, surpassing expectations, with a revenue increase of 15.1% year-over-year.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) had its price objective cut by Truist Financial from $111.00 to $107.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the financial services provider's stock. Truist Financial's target price indicates a potential upside of 13.03% from the stock's previous close.

Other research analysts have also recently issued reports about the company. Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Hovde Group cut Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Wells Fargo & Company reduced their price objective on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a research note on Friday, July 25th. JPMorgan Chase & Co. raised their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Finally, UBS Group dropped their target price on Pinnacle Financial Partners from $121.00 to $108.00 and set a "neutral" rating on the stock in a report on Tuesday, September 2nd. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $111.50.

Pinnacle Financial Partners Trading Down 0.4%

PNFP stock traded down $0.42 during midday trading on Wednesday, hitting $94.66. The company had a trading volume of 176,925 shares, compared to its average volume of 798,479. The stock has a market cap of $7.34 billion, a price-to-earnings ratio of 12.56 and a beta of 1.07. The stock's 50 day moving average price is $96.74 and its 200 day moving average price is $102.03. Pinnacle Financial Partners has a 52 week low of $81.57 and a 52 week high of $131.91. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The company had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. During the same quarter last year, the company earned $1.63 EPS. The firm's quarterly revenue was up 15.1% on a year-over-year basis. As a group, equities research analysts expect that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter acquired 1,000 shares of the stock in a transaction dated Thursday, July 31st. The stock was acquired at an average cost of $89.73 per share, with a total value of $89,730.00. Following the transaction, the chief financial officer owned 105,050 shares in the company, valued at $9,426,136.50. The trade was a 0.96% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director G Kennedy Thompson bought 10,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, August 1st. The stock was purchased at an average cost of $85.65 per share, with a total value of $856,500.00. Following the completion of the acquisition, the director directly owned 28,372 shares in the company, valued at approximately $2,430,061.80. The trade was a 54.43% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 12,174 shares of company stock valued at $1,047,079. 1.46% of the stock is currently owned by corporate insiders.

Institutional Trading of Pinnacle Financial Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. 1248 Management LLC acquired a new position in Pinnacle Financial Partners during the 1st quarter worth approximately $29,000. Elevation Point Wealth Partners LLC acquired a new position in Pinnacle Financial Partners during the 2nd quarter worth approximately $38,000. MAI Capital Management grew its holdings in shares of Pinnacle Financial Partners by 79.4% in the 2nd quarter. MAI Capital Management now owns 366 shares of the financial services provider's stock worth $40,000 after acquiring an additional 162 shares during the period. Spurstone Advisory Services LLC acquired a new stake in shares of Pinnacle Financial Partners in the 2nd quarter worth approximately $41,000. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Pinnacle Financial Partners in the 2nd quarter worth approximately $45,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

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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