JPMorgan Chase & Co. Issues Pessimistic Forecast for Pinnacle Financial Partners (NASDAQ:PNFP) Stock Price

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target reduced by JPMorgan Chase & Co. from $125.00 to $115.00 in a research report released on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

PNFP has been the topic of several other reports. Wells Fargo & Company dropped their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Stephens reiterated an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Barclays dropped their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Citigroup increased their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Finally, UBS Group initiated coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective for the company. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.50.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $95.11 on Wednesday. The firm has a fifty day simple moving average of $104.70 and a 200-day simple moving average of $111.76. The company has a market capitalization of $7.36 billion, a PE ratio of 15.90 and a beta of 0.94. Pinnacle Financial Partners has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.37 million during the quarter, compared to analysts’ expectations of $478.11 million. During the same period in the prior year, the company posted $1.53 EPS. Equities research analysts anticipate that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be paid a $0.24 dividend. The ex-dividend date is Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 1.01%. Pinnacle Financial Partners’s payout ratio is currently 15.53%.

Insider Activity

In other news, CEO M Terry Turner sold 2,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the transaction, the chief executive officer now owns 254,552 shares of the company’s stock, valued at approximately $25,615,567.76. The trade was a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director David B. Ingram sold 40,000 shares of the company’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the transaction, the director now owns 40,991 shares of the company’s stock, valued at $5,185,361.50. This represents a 49.39 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,350 shares of company stock valued at $11,421,320. 1.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PNFP. KBC Group NV boosted its position in Pinnacle Financial Partners by 1,054.3% during the 4th quarter. KBC Group NV now owns 26,722 shares of the financial services provider’s stock worth $3,057,000 after acquiring an additional 24,407 shares during the period. Artemis Investment Management LLP raised its stake in shares of Pinnacle Financial Partners by 2.6% during the fourth quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider’s stock valued at $55,213,000 after purchasing an additional 12,455 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Pinnacle Financial Partners by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock worth $130,192,000 after purchasing an additional 8,604 shares during the period. Beacon Capital Management LLC lifted its holdings in Pinnacle Financial Partners by 101,563.6% in the fourth quarter. Beacon Capital Management LLC now owns 22,366 shares of the financial services provider’s stock worth $2,558,000 after purchasing an additional 22,344 shares during the period. Finally, Principal Financial Group Inc. grew its position in Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after buying an additional 208,938 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

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.