JPMorgan Chase & Co. Lowers Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $108.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price reduced by stock analysts at JPMorgan Chase & Co. from $110.00 to $108.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 32.47% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Stephens reaffirmed an “overweight” rating and set a $109.00 target price on shares of Pinnacle Financial Partners in a report on Tuesday. UBS Group reduced their price objective on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, January 18th. Barclays began coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price objective for the company. Hovde Group reduced their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, Truist Financial increased their price objective on Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus target price of $95.50.

Pinnacle Financial Partners Trading Down 1.7 %

Shares of NASDAQ PNFP opened at $81.53 on Wednesday. Pinnacle Financial Partners has a 12 month low of $43.31 and a 12 month high of $92.33. The company has a market cap of $6.28 billion, a price-to-earnings ratio of 11.66 and a beta of 1.08. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The business has a fifty day simple moving average of $82.28 and a 200-day simple moving average of $79.19.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the transaction, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the transaction, the chief financial officer now owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO M Terry Turner sold 24,057 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $1,977,966.54. Following the transaction, the chief executive officer now directly owns 294,790 shares in the company, valued at approximately $24,237,633.80. The disclosure for this sale can be found here. Insiders have sold a total of 47,844 shares of company stock valued at $3,933,734 in the last three months. Insiders own 1.87% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Red Door Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $214,000. Peregrine Capital Management LLC lifted its position in shares of Pinnacle Financial Partners by 1,239.7% in the 3rd quarter. Peregrine Capital Management LLC now owns 158,900 shares of the financial services provider’s stock worth $10,653,000 after acquiring an additional 147,039 shares during the period. Hunter Perkins Capital Management LLC lifted its position in shares of Pinnacle Financial Partners by 6.0% in the 3rd quarter. Hunter Perkins Capital Management LLC now owns 9,595 shares of the financial services provider’s stock worth $643,000 after acquiring an additional 545 shares during the period. Covenant Partners LLC lifted its position in shares of Pinnacle Financial Partners by 3.2% in the 3rd quarter. Covenant Partners LLC now owns 10,550 shares of the financial services provider’s stock worth $707,000 after acquiring an additional 330 shares during the period. Finally, Bfsg LLC bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $277,000. Institutional investors and hedge funds 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.