Pinnacle Financial Partners (NASDAQ:PNFP – Free Report) had its price objective cut by Hovde Group from $104.00 to $99.00 in a research report released on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has an outperform rating on the financial services provider’s stock.
A number of other research firms have also issued reports on PNFP. Truist Financial boosted their price objective on Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a buy rating in a research report on Monday, April 1st. Stephens reaffirmed an overweight rating and issued a $109.00 price objective on shares of Pinnacle Financial Partners in a report on Tuesday. UBS Group reduced their target price on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a neutral rating for the company in a research note on Thursday, January 18th. Barclays began coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an equal weight rating and a $93.00 price target on the stock. Finally, Jefferies Financial Group reduced their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating for the company in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $93.50.
View Our Latest Research Report on Pinnacle Financial Partners
Pinnacle Financial Partners Stock Performance
Insiders Place Their Bets
In other news, CEO M Terry Turner sold 24,057 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the transaction, the chief executive officer now directly owns 294,790 shares in the company, valued at approximately $24,237,633.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Chairman Richard D. Callicutt II sold 11,030 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $906,886.60. Following the completion of the sale, the chairman now directly owns 97,226 shares of the company’s stock, valued at $7,993,921.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO M Terry Turner sold 24,057 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the completion of the transaction, the chief executive officer now owns 294,790 shares in the company, valued at approximately $24,237,633.80. The disclosure for this sale can be found here. Insiders sold 47,844 shares of company stock worth $3,933,734 over the last ninety days. Company insiders own 1.87% of the company’s stock.
Institutional Investors Weigh In On Pinnacle Financial Partners
Several large investors have recently modified their holdings of the stock. Rise Advisors LLC acquired a new stake in shares of Pinnacle Financial Partners during the first quarter worth $26,000. Bruce G. Allen Investments LLC purchased a new stake in Pinnacle Financial Partners during the fourth quarter valued at about $32,000. Emerald Advisers LLC acquired a new position in shares of Pinnacle Financial Partners in the third quarter worth about $27,000. Fifth Third Bancorp increased its position in shares of Pinnacle Financial Partners by 101.4% in the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 213 shares in the last quarter. Finally, ICA Group Wealth Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $44,000. 87.40% of the stock is 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.
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