Pinnacle Financial Partners (NYSE:PNFP) Stock Price Target Cut by JPMorgan Chase & Co.

Pinnacle Financial Partners (NYSE:PNFP) had its price target dropped by research analysts at JPMorgan Chase & Co. from $120.00 to $115.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 23.76% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. Stephens set a $112.00 price objective on shares of Pinnacle Financial Partners in a research note on Monday, July 27th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Pinnacle Financial Partners in a research note on Tuesday, September 22nd. Evercore set a $108.00 price target on shares of Pinnacle Financial Partners in a report on Thursday. TD Cowen raised their price target on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Finally, Piper Sandler boosted their price objective on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $118.89.

Pinnacle Financial Partners Stock Performance

NYSE:PNFP traded down $0.69 during mid-day trading on Thursday, hitting $92.92. 224,319 shares of the company’s stock traded hands, compared to its average volume of 1,361,849. The firm has a market capitalization of $7.21 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 0.37 and a beta of 1.01. The firm has a 50 day moving average of $101.18 and a two-hundred day moving average of $97.04. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. Pinnacle Financial Partners has a 12 month low of $81.08 and a 12 month high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. On average, equities analysts forecast that Pinnacle Financial Partners will post 10.18 earnings per share for the current fiscal year.

Insider Transactions at Pinnacle Financial Partners

In other news, CEO Kevin Blair bought 2,565 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was acquired at an average cost of $97.48 per share, for a total transaction of $250,036.20. Following the completion of the purchase, the chief executive officer owned 152,397 shares of the company’s stock, valued at $14,855,659.56. This trade represents a 1.71% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gregory Montana bought 500 shares of Pinnacle Financial Partners 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 transaction, the director owned 4,959 shares of the company’s stock, valued at $489,006.99. This trade represents a 11.21% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have acquired 13,078 shares of company stock valued at $1,299,640 and have sold 177,228 shares valued at $19,153,713. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in PNFP. Brown Financial Advisors boosted its position in shares of Pinnacle Financial Partners by 2.7% during the 2nd quarter. Brown Financial Advisors now owns 4,019 shares of the company’s stock valued at $405,000 after acquiring an additional 105 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Pinnacle Financial Partners by 1.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock worth $704,000 after purchasing an additional 116 shares in the last quarter. Villanova Investment Management Co LLC raised its position in Pinnacle Financial Partners by 0.4% in the fourth quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock worth $2,720,000 after purchasing an additional 118 shares in the last quarter. Simplicity Wealth LLC lifted its stake in Pinnacle Financial Partners by 1.5% during the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock worth $789,000 after purchasing an additional 131 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its stake in Pinnacle Financial Partners by 97.7% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock worth $30,000 after purchasing an additional 173 shares during the period. 87.40% of the stock is owned by institutional investors.

About Pinnacle Financial Partners

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

Its offerings include commercial, small-business and consumer loans; checking, savings and money-market accounts; treasury and cash-management services; online and mobile banking; mortgage lending; and wealth-management, trust, investment and insurance services.