Investment Analysts’ Recent Ratings Updates for Pinnacle Financial Partners (PNFP)

Posted by Cynthia Vaughn on Apr 26th, 2024

Pinnacle Financial Partners (NASDAQ: PNFP) has recently received a number of price target changes and ratings updates:

4/25/2024 – Pinnacle Financial Partners had its price target lowered by analysts at Truist Financial Co. from $99.00 to $94.00. They now have a “buy” rating on the stock.
4/24/2024 – Pinnacle Financial Partners had its price target lowered by analysts at JPMorgan Chase & Co. from $110.00 to $108.00. They now have an “overweight” rating on the stock.
4/23/2024 – Pinnacle Financial Partners had its “overweight” rating reaffirmed by analysts at Stephens. They now have a $109.00 price target on the stock.
4/23/2024 – Pinnacle Financial Partners had its price target lowered by analysts at Hovde Group from $104.00 to $99.00. They now have an “outperform” rating on the stock.
4/8/2024 – Pinnacle Financial Partners had its price target lowered by analysts at Jefferies Financial Group Inc. from $88.00 to $85.00. They now have a “hold” rating on the stock.
4/1/2024 – Pinnacle Financial Partners had its price target raised by analysts at Truist Financial Co. from $93.00 to $99.00. They now have a “buy” rating on the stock.
3/8/2024 – Pinnacle Financial Partners is now covered by analysts at Barclays PLC. They set an “equal weight” rating and a $93.00 price target on the stock.

Pinnacle Financial Partners Trading Down 1.5 %

Shares of PNFP traded down $1.24 during mid-day trading on Friday, hitting $80.29. 448,317 shares of the company’s stock traded hands, compared to its average volume of 467,517. The firm has a market capitalization of $6.19 billion, a P/E ratio of 11.49 and a beta of 1.08. The business’s 50-day moving average price is $82.28 and its 200-day moving average price is $79.19. Pinnacle Financial Partners, Inc. has a 1 year low of $43.31 and a 1 year high of $92.33. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.88 annualized dividend and a yield of 1.10%. Pinnacle Financial Partners’s payout ratio is 12.59%.

Insider Buying and Selling

In related news, CFO Harold R. Carpenter sold 6,306 shares of the company’s 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 legal filing with the SEC, which is available through the SEC website. In other news, CEO M Terry Turner sold 24,057 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 $1,977,966.54. Following the sale, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Harold R. Carpenter sold 6,306 shares of the company’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. Insiders have sold a total of 47,844 shares of company stock valued at $3,933,734 over the last ninety days. Company insiders own 1.87% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors have recently made changes to their positions in the business. Caprock Group LLC grew its position in shares of Pinnacle Financial Partners by 2.2% during the fourth quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock worth $489,000 after purchasing an additional 122 shares in the last quarter. NBC Securities Inc. grew its holdings in Pinnacle Financial Partners by 1.3% during the 4th quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock valued at $821,000 after buying an additional 124 shares in the last quarter. Verdence Capital Advisors LLC grew its holdings 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 valued at $386,000 after buying an additional 126 shares in the last quarter. Covenant Partners LLC grew its holdings in Pinnacle Financial Partners by 1.4% during the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock valued at $933,000 after buying an additional 149 shares in the last quarter. Finally, Treasurer of the State of North Carolina grew its holdings in Pinnacle Financial Partners by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider’s stock valued at $2,215,000 after buying an additional 170 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

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.