Pinnacle Financial Partners (NYSE:PNFP) Given New $105.00 Price Target at JPMorgan Chase & Co.

Pinnacle Financial Partners (NYSE:PNFP) had its target price lowered by JPMorgan Chase & Co. from $120.00 to $105.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

PNFP has been the subject of several other research reports. Citigroup upped their price objective on shares of Pinnacle Financial Partners from $118.00 to $122.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Royal Bank Of Canada raised shares of Pinnacle Financial Partners to a “moderate buy” rating in a report on Monday, January 5th. Bank of America started coverage on shares of Pinnacle Financial Partners in a research report on Monday, December 8th. They set a “buy” rating and a $113.00 price objective for the company. Barclays raised their target price on Pinnacle Financial Partners from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, December 19th. Finally, Piper Sandler boosted their price target on Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an “overweight” rating in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $112.24.

Pinnacle Financial Partners Stock Up 1.7%

Shares of NYSE PNFP opened at $87.63 on Wednesday. The firm has a market capitalization of $6.80 billion, a price-to-earnings ratio of 10.83, a P/E/G ratio of 0.39 and a beta of 1.00. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Pinnacle Financial Partners has a fifty-two week low of $81.08 and a fifty-two week high of $120.46.

Pinnacle Financial Partners Announces Dividend

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

Insider Activity

In other news, CFO Andrew J. Jr. Gregory purchased 1,000 shares of the company’s stock in a transaction dated Thursday, February 12th. The stock was bought at an average cost of $94.52 per share, for a total transaction of $94,520.00. Following the purchase, the chief financial officer owned 49,485 shares of the company’s stock, valued at approximately $4,677,322.20. The trade was a 2.06% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.46% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC raised its holdings in Pinnacle Financial Partners by 97.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 47,073 shares of the company’s stock valued at $4,327,000 after buying an additional 23,292 shares during the last quarter. Voya Investment Management LLC increased its position in Pinnacle Financial Partners by 146.1% in the 3rd quarter. Voya Investment Management LLC now owns 25,183 shares of the company’s stock valued at $2,362,000 after acquiring an additional 14,951 shares during the period. Jones Financial Companies Lllp raised its stake in shares of Pinnacle Financial Partners by 585.5% during the third quarter. Jones Financial Companies Lllp now owns 18,419 shares of the company’s stock valued at $1,768,000 after acquiring an additional 15,732 shares during the last quarter. Woodmont Investment Counsel LLC raised its stake in shares of Pinnacle Financial Partners by 43.1% during the third quarter. Woodmont Investment Counsel LLC now owns 94,388 shares of the company’s stock valued at $8,853,000 after acquiring an additional 28,445 shares during the last quarter. Finally, Hudson Bay Capital Management LP acquired a new position in shares of Pinnacle Financial Partners during the third quarter worth $1,128,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

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.