Pinnacle Financial Partners (NASDAQ:PNFP) Upgraded at Truist Financial

Pinnacle Financial Partners (NASDAQ:PNFP) was upgraded by analysts at Truist Financial from a “buy” rating to a “strong-buy” rating in a research note issued on Monday, MarketBeat.com reports.

Several other research firms have also recently commented on PNFP. Wells Fargo & Company dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Hovde Group raised shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 target price on the stock in a research report on Wednesday, April 16th. Stephens reissued an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating on the stock in a research report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $119.90.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $111.39 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a 50-day moving average of $100.58 and a 200-day moving average of $112.25. The company has a market cap of $8.62 billion, a PE ratio of 18.63 and a beta of 1.00. Pinnacle Financial Partners has a one year low of $73.62 and a one year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.82 by $0.08. The company had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same period last year, the business posted $1.53 EPS. On average, equities research analysts predict that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $113.81, for a total value of $4,552,400.00. Following the sale, the chairman now owns 83,000 shares in the company, valued at approximately $9,446,230. This trade represents a 32.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the transaction, the chief executive officer now owns 254,552 shares in the company, valued at $25,615,567.76. This represents a 0.78% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,041 shares of company stock valued at $5,062,386. Corporate insiders own 1.46% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors and hedge funds have recently modified their holdings of PNFP. Norges Bank bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at $101,798,000. North Reef Capital Management LP increased its holdings in Pinnacle Financial Partners by 57.1% in the 4th quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock valued at $221,917,000 after acquiring an additional 705,000 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at $78,110,000. Capital Research Global Investors increased its holdings in Pinnacle Financial Partners by 57.0% in the 4th quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock valued at $178,425,000 after acquiring an additional 566,061 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at $44,737,000. 87.40% of the stock is currently owned by institutional investors.

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.