Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Lowered to $108.00 at JPMorgan Chase & Co.

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective lowered by JPMorgan Chase & Co. from $110.00 to $108.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other research analysts have also commented on PNFP. Truist Financial increased their price objective on Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a buy rating in a report on Monday, April 1st. Barclays initiated coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They set an equal weight rating and a $93.00 price objective on the stock. Stephens reissued an overweight rating and set a $109.00 price objective on shares of Pinnacle Financial Partners in a report on Tuesday, April 23rd. UBS Group lowered their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a neutral rating on the stock in a report on Thursday, January 18th. Finally, Hovde Group lowered their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating on the stock in a report on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $95.50.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP opened at $80.29 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market cap of $6.19 billion, a price-to-earnings ratio of 11.49 and a beta of 1.08. The business’s 50-day simple moving average is $82.20 and its 200-day simple moving average is $79.37. Pinnacle Financial Partners has a 52 week low of $43.31 and a 52 week high of $92.33.

Pinnacle Financial Partners Dividend Announcement

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

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 63,856 shares in the company, valued at approximately $5,250,240.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO M Terry Turner sold 24,057 shares of the firm’s 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,844 shares of company stock worth $3,933,734. 1.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Pinnacle Financial Partners by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock worth $624,598,000 after buying an additional 63,477 shares during the period. Wasatch Advisors LP lifted its position in shares of Pinnacle Financial Partners by 41.8% during the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock worth $286,961,000 after buying an additional 985,694 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Pinnacle Financial Partners by 14.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock worth $230,951,000 after buying an additional 334,502 shares during the period. FMR LLC raised its position in Pinnacle Financial Partners by 3.4% in the 3rd quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock valued at $139,721,000 after purchasing an additional 69,197 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in Pinnacle Financial Partners by 102.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock valued at $125,394,000 after purchasing an additional 947,704 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

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.