Hovde Group Cuts Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $99.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective lowered by Hovde Group from $104.00 to $99.00 in a research note released on Tuesday, Marketbeat.com reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Several other analysts have also recently commented on the stock. Truist Financial increased their price target on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a buy rating in a research note on Monday, April 1st. UBS Group decreased their price target on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a neutral rating on the stock in a research note on Thursday, January 18th. Barclays initiated coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They set an equal weight rating and a $93.00 price target on the stock. Stephens reaffirmed an overweight rating and issued a $109.00 price objective on shares of Pinnacle Financial Partners in a research note on Tuesday. Finally, Jefferies Financial Group reduced their price objective on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating on the stock in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $95.50.

Pinnacle Financial Partners Price Performance

PNFP opened at $81.53 on Tuesday. Pinnacle Financial Partners has a one year low of $43.31 and a one year high of $92.33. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The company’s 50 day simple moving average is $82.28 and its 200-day simple moving average is $79.19. The stock has a market capitalization of $6.28 billion, a P/E ratio of 11.66 and a beta of 1.08.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be issued a $0.22 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.88 annualized dividend and a yield of 1.08%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 24,057 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $1,977,966.54. Following the sale, the chief executive officer now directly owns 294,790 shares in the company, valued at $24,237,633.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO M Terry Turner sold 24,057 shares of the firm’s stock in a transaction 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 in the company, valued at $24,237,633.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Harold R. Carpenter sold 6,306 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at $5,250,240.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,844 shares of company stock worth $3,933,734. Company insiders own 1.87% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Verdence Capital Advisors LLC boosted its position in Pinnacle Financial Partners by 2.9% during the 1st quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock worth $386,000 after acquiring an additional 126 shares during the last quarter. Equitable Trust Co. raised its holdings in shares of Pinnacle Financial Partners by 89.9% in the first quarter. Equitable Trust Co. now owns 12,747 shares of the financial services provider’s stock valued at $1,095,000 after purchasing an additional 6,033 shares during the last quarter. Simplicity Wealth LLC acquired a new stake in shares of Pinnacle Financial Partners in the first quarter valued at approximately $509,000. Louisiana State Employees Retirement System raised its holdings in shares of Pinnacle Financial Partners by 1.4% in the first quarter. Louisiana State Employees Retirement System now owns 21,900 shares of the financial services provider’s stock valued at $1,881,000 after purchasing an additional 300 shares during the last quarter. Finally, Amalgamated Bank raised its holdings in shares of Pinnacle Financial Partners by 2.4% in the first quarter. Amalgamated Bank now owns 51,681 shares of the financial services provider’s stock valued at $4,438,000 after purchasing an additional 1,188 shares during the last quarter. 87.40% of the stock is currently owned by 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.