Pinnacle Financial Partners (NASDAQ:PNFP) Given New $99.00 Price Target at Hovde Group

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective dropped by investment analysts at Hovde Group from $104.00 to $99.00 in a research report issued on Tuesday, Marketbeat reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Hovde Group’s target price suggests a potential upside of 19.33% from the company’s previous close.

A number of other equities research analysts also recently commented on PNFP. UBS Group reduced their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, January 18th. Truist Financial upped their price objective 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. Jefferies Financial Group dropped their price objective on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, April 8th. 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 objective for the company. Finally, Stephens reaffirmed an “overweight” rating and set a $109.00 price objective on shares of Pinnacle Financial Partners in a research note on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Hold” and an average price target of $96.13.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $82.96 on Tuesday. Pinnacle Financial Partners has a 1-year low of $43.31 and a 1-year high of $92.33. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.90 and a quick ratio of 0.90. The firm’s fifty day moving average price is $82.35 and its 200 day moving average price is $79.18. The firm has a market cap of $6.39 billion, a price-to-earnings ratio of 11.87 and a beta of 1.08.

Insider Activity

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the sale, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Chairman Richard D. Callicutt II sold 11,030 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $906,886.60. Following the transaction, the chairman now directly owns 97,226 shares of the company’s stock, valued at $7,993,921.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 6,306 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 value of $518,479.32. Following the transaction, 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. In the last three months, insiders sold 47,844 shares of company stock worth $3,933,734. 1.87% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PNFP. Red Door Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners during the third quarter valued at $214,000. Peregrine Capital Management LLC grew its holdings in Pinnacle Financial Partners by 1,239.7% during the third quarter. Peregrine Capital Management LLC now owns 158,900 shares of the financial services provider’s stock worth $10,653,000 after acquiring an additional 147,039 shares during the period. Hunter Perkins Capital Management LLC grew its holdings in Pinnacle Financial Partners by 6.0% during the third quarter. Hunter Perkins Capital Management LLC now owns 9,595 shares of the financial services provider’s stock worth $643,000 after acquiring an additional 545 shares during the period. Covenant Partners LLC grew its holdings in Pinnacle Financial Partners by 3.2% during the third quarter. Covenant Partners LLC now owns 10,550 shares of the financial services provider’s stock worth $707,000 after acquiring an additional 330 shares during the period. Finally, Bfsg LLC acquired a new position in Pinnacle Financial Partners during the third quarter worth about $277,000. 87.40% of the stock is owned by institutional investors and hedge funds.

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.