Truist Financial Lowers Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $105.00

Key Points

• Truist Financial has lowered its price target for Pinnacle Financial Partners from $107.00 to $105.00 while maintaining a "buy" rating, indicating a potential upside of 21.17% from the company's previous close.
• Despite the price target reduction by Truist, other analysts have varying opinions, with JPMorgan Chase raising their target price to $125.00 and Citigroup lowering theirs to $120.00.
• Pinnacle Financial Partners recently reported strong earnings, with an EPS of $2.27, surpassing expectations, and plans to post an average of 7.85 EPS for the current year.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) had its target price reduced by equities researchers at Truist Financial from $107.00 to $105.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the financial services provider's stock. Truist Financial's price objective suggests a potential upside of 21.17% from the company's previous close.

Other equities analysts also recently issued research reports about the company. Cowen started coverage on Pinnacle Financial Partners in a research report on Wednesday, September 24th. They set a "buy" rating on the stock. JPMorgan Chase & Co. lifted their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Citigroup reduced their target price on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a research report on Friday, July 25th. Jefferies Financial Group restated a "hold" rating and issued a $110.00 target price (down previously from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Pinnacle Financial Partners in a research report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of "Hold" and an average target price of $110.27.

Pinnacle Financial Partners Price Performance

PNFP stock traded up $1.92 during mid-day trading on Friday, reaching $86.66. 116,597 shares of the company's stock were exchanged, compared to its average volume of 832,027. The company has a market cap of $6.72 billion, a price-to-earnings ratio of 11.00 and a beta of 1.02. The stock's 50 day moving average is $94.29 and its 200 day moving average is $100.55. Pinnacle Financial Partners has a 12-month low of $81.57 and a 12-month high of $131.91. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a return on equity of 10.03% and a net margin of 19.17%.The firm had revenue of $544.80 million for the quarter, compared to the consensus estimate of $526.40 million. During the same quarter last year, the business posted $1.86 earnings per share. On average, research analysts expect that Pinnacle Financial Partners will post 7.85 EPS for the current year.

Insider Buying and Selling

In related news, Director G Kennedy Thompson bought 10,000 shares of the stock in a transaction that occurred on 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 purchase, the director directly owned 28,372 shares of the company's stock, valued at $2,430,061.80. This trade represents a 54.43% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Thomas C. Farnsworth III bought 1,000 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average cost of $84.94 per share, with a total value of $84,940.00. Following the completion of the purchase, the director directly owned 28,277 shares in the company, valued at $2,401,848.38. This represents a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 12,174 shares of company stock valued at $1,047,079 in the last three months. 1.46% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. 1248 Management LLC acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter worth about $29,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth about $38,000. MAI Capital Management boosted its position in shares of Pinnacle Financial Partners by 79.4% during 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 in the last quarter. Spurstone Advisory Services LLC acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth about $41,000. Finally, Ameritas Advisory Services LLC acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth about $45,000. 87.40% of the stock is owned by institutional investors and hedge funds.

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.

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