Pinnacle Financial Partners (NASDAQ:PNFP) PT Lowered to $105.00 at JPMorgan Chase & Co.

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective reduced by JPMorgan Chase & Co. from $108.00 to $105.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 36.38% from the company’s previous close.

A number of other analysts have also commented on the company. 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 for the company. Stephens dropped their target price on 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. Hovde Group decreased their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a report on Tuesday, April 23rd. Truist Financial decreased their price target on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Finally, Jefferies Financial Group reduced their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus price target of $94.25.

Pinnacle Financial Partners Stock Up 0.4 %

Pinnacle Financial Partners stock traded up $0.28 during midday trading on Thursday, reaching $76.99. The stock had a trading volume of 15,595 shares, compared to its average volume of 426,414. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The company has a fifty day moving average price of $79.41 and a two-hundred day moving average price of $82.42. The company has a market capitalization of $5.95 billion, a P/E ratio of 11.01 and a beta of 1.08. Pinnacle Financial Partners has a 12 month low of $54.16 and a 12 month high of $92.33.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.52 by $0.01. The firm had revenue of $428.14 million during the quarter, compared to analyst estimates of $413.27 million. Pinnacle Financial Partners had a return on equity of 9.31% and a net margin of 18.59%. As a group, equities analysts expect that Pinnacle Financial Partners will post 6.74 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PNFP. Vanguard Group Inc. increased its holdings in shares of Pinnacle Financial Partners by 0.9% in 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 last quarter. Wasatch Advisors LP boosted its stake in Pinnacle Financial Partners by 41.8% in the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after acquiring an additional 985,694 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Pinnacle Financial Partners by 14.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock valued at $230,951,000 after acquiring an additional 334,502 shares in the last quarter. Wellington Management Group LLP boosted its stake in Pinnacle Financial Partners by 102.7% in the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock valued at $125,394,000 after acquiring an additional 947,704 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in Pinnacle Financial Partners by 2.4% in the first quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock valued at $94,244,000 after acquiring an additional 26,216 shares in the last quarter. Hedge funds and other 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.