Pinnacle Financial Partners (NASDAQ:PNFP) Downgraded to “Neutral” at Piper Sandler

Piper Sandler cut shares of Pinnacle Financial Partners (NASDAQ:PNFP) from an overweight rating to a neutral rating in a research note released on Thursday morning, MarketBeat Ratings reports. The firm currently has $98.00 price objective on the financial services provider’s stock, up from their previous price objective of $95.00.

Several other brokerages have also weighed in on PNFP. Jefferies Financial Group lowered their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating on the stock in a research report on Monday, April 8th. Hovde Group reduced their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating for the company in a report on Tuesday, April 23rd. JPMorgan Chase & Co. lowered their target price on Pinnacle Financial Partners from $108.00 to $105.00 and set an overweight rating on the stock in a report on Thursday, June 27th. Stephens decreased their price objective on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an overweight rating on the stock in a research report on Thursday, May 23rd. Finally, Truist Financial dropped their target price on shares of Pinnacle Financial Partners from $94.00 to $87.00 and set a buy rating for the company in a report on Monday, July 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, Pinnacle Financial Partners has a consensus rating of Hold and an average target price of $99.00.

Pinnacle Financial Partners Trading Down 0.6 %

Shares of Pinnacle Financial Partners stock opened at $93.09 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm has a market cap of $7.19 billion, a price-to-earnings ratio of 13.32 and a beta of 1.08. Pinnacle Financial Partners has a 52-week low of $59.66 and a 52-week high of $97.49. The company’s 50-day simple moving average is $80.15 and its 200-day simple moving average is $82.06.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.52 by $0.01. The business had revenue of $428.14 million for the quarter, compared to analysts’ expectations of $413.27 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. As a group, equities research analysts anticipate that Pinnacle Financial Partners will post 6.75 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 2nd will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.95%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Insider Buying and Selling

In other news, CEO M Terry Turner sold 72,000 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total value of $5,829,840.00. Following the completion of the sale, the chief executive officer now directly owns 222,790 shares in the company, valued at approximately $18,039,306.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total value of $9,339,778.96. Following the sale, the chairman now directly owns 153,062 shares in the company, valued at $12,404,144.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO M Terry Turner sold 72,000 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the completion of the sale, the chief executive officer now directly owns 222,790 shares in the company, valued at approximately $18,039,306.30. The disclosure for this sale can be found here. Insiders own 1.87% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. International Assets Investment Management LLC grew its position in Pinnacle Financial Partners by 6,999.3% in the 4th quarter. International Assets Investment Management LLC now owns 30,527 shares of the financial services provider’s stock valued at $2,663,000 after buying an additional 30,097 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Pinnacle Financial Partners by 1.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 900,251 shares of the financial services provider’s stock valued at $78,520,000 after acquiring an additional 15,203 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Pinnacle Financial Partners by 4.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 876,314 shares of the financial services provider’s stock valued at $76,432,000 after acquiring an additional 33,355 shares during the period. Public Employees Retirement Association of Colorado raised its holdings in Pinnacle Financial Partners by 389.5% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 146,009 shares of the financial services provider’s stock worth $12,735,000 after purchasing an additional 116,183 shares in the last quarter. Finally, Duncan Williams Asset Management LLC acquired a new stake in Pinnacle Financial Partners in the first quarter worth approximately $1,085,000. 87.40% of the stock is owned by institutional investors and hedge funds.

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.