JPMorgan Chase & Co. Sells 479,878 Shares of Pinnacle Financial Partners, Inc. $PNFP

JPMorgan Chase & Co. reduced its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 73.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 172,684 shares of the company’s stock after selling 479,878 shares during the period. JPMorgan Chase & Co.’s holdings in Pinnacle Financial Partners were worth $16,196,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brown Brothers Harriman & Co. bought a new stake in Pinnacle Financial Partners in the 3rd quarter worth about $26,000. BOKF NA increased its stake in Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after buying an additional 265 shares during the last quarter. Covestor Ltd lifted its position in shares of Pinnacle Financial Partners by 193.9% during the 3rd quarter. Covestor Ltd now owns 338 shares of the company’s stock worth $32,000 after buying an additional 223 shares in the last quarter. Quent Capital LLC bought a new stake in Pinnacle Financial Partners during the third quarter worth $34,000. Finally, Eastern Bank purchased a new position in Pinnacle Financial Partners in the third quarter worth $37,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PNFP shares. Barclays raised their target price on Pinnacle Financial Partners from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, December 19th. Weiss Ratings began coverage on shares of Pinnacle Financial Partners in a report on Monday, March 9th. They issued a “hold (c+)” rating on the stock. UBS Group set a $106.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, February 4th. Bank of America initiated coverage on shares of Pinnacle Financial Partners in a research report on Monday, December 8th. They issued a “buy” rating and a $113.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Pinnacle Financial Partners from $110.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.41.

Insider Buying and Selling

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory bought 1,000 shares of the business’s stock in a transaction on Thursday, February 12th. The stock was purchased at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the completion of the transaction, the chief financial officer directly owned 49,485 shares of the company’s stock, valued at $4,677,322.20. This trade represents a 2.06% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.46% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Stock Down 0.3%

Shares of NYSE PNFP opened at $84.57 on Friday. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $120.46. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $6.56 billion, a PE ratio of 10.45, a PEG ratio of 0.39 and a beta of 1.02.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 6th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, February 6th. Pinnacle Financial Partners’s dividend payout ratio is 24.72%.

About Pinnacle Financial Partners

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.