Truist Financial Issues Positive Forecast for Pinnacle Financial Partners (NYSE:PNFP) Stock Price

Pinnacle Financial Partners (NYSE:PNFP) had its price target increased by analysts at Truist Financial from $112.00 to $120.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial‘s price target would indicate a potential upside of 20.30% from the stock’s previous close.

A number of other analysts have also issued reports on the company. Stephens set a $112.00 target price on Pinnacle Financial Partners in a research report on Monday, July 27th. Royal Bank Of Canada increased their price target on Pinnacle Financial Partners from $117.00 to $120.00 and gave the company an “outperform” rating in a report on Friday. Piper Sandler raised their price objective on Pinnacle Financial Partners from $125.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday. Weiss Ratings upgraded Pinnacle Financial Partners from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Finally, UBS Group lifted their price objective on Pinnacle Financial Partners from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $120.15.

Pinnacle Financial Partners Trading Down 0.6%

PNFP opened at $99.75 on Wednesday. The company has a fifty day simple moving average of $97.64 and a 200 day simple moving average of $96.72. The firm has a market cap of $7.74 billion, a price-to-earnings ratio of 13.32 and a beta of 1.03. Pinnacle Financial Partners has a twelve month low of $81.08 and a twelve month high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, October 21st. The company reported $2.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.07. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. On average, analysts forecast that Pinnacle Financial Partners will post 10.22 earnings per share for the current fiscal year.

Insider Transactions at Pinnacle Financial Partners

In other news, Director Gregory G. Montana acquired 500 shares of the stock in a transaction that occurred on Thursday, September 10th. The stock was purchased at an average cost of $98.61 per share, with a total value of $49,305.00. Following the completion of the acquisition, the director directly owned 4,959 shares in the company, valued at $489,006.99. This represents a 11.21% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider M. Turner sold 54,107 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $108.13, for a total value of $5,850,589.91. Following the completion of the sale, the insider directly owned 248,123 shares of the company’s stock, valued at approximately $26,829,539.99. This represents a 17.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 177,228 shares of company stock valued at $19,153,713. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Resources Management Corp CT ADV acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC raised its position in shares of Pinnacle Financial Partners by 97.7% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock valued at $30,000 after acquiring an additional 173 shares in the last quarter. Basecamp Wealth Advisors LLC raised its position in shares of Pinnacle Financial Partners by 112.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 399 shares of the company’s stock valued at $34,000 after acquiring an additional 211 shares in the last quarter. Leonteq Securities AG acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at approximately $38,000. Finally, Root Financial Partners LLC bought a new position in Pinnacle Financial Partners during the third quarter worth $42,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.