JPMorgan Chase & Co. Lowers Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $138.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective dropped by stock analysts at JPMorgan Chase & Co. from $140.00 to $138.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 19.49% from the company’s current price.

Several other equities research analysts also recently issued reports on PNFP. Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a research note on Monday, November 18th. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Citigroup increased their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Wells Fargo & Company boosted their target price on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Finally, Stephens lifted their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $122.73.

Pinnacle Financial Partners Trading Up 1.2 %

Shares of PNFP opened at $115.49 on Tuesday. Pinnacle Financial Partners has a 12 month low of $73.62 and a 12 month high of $131.91. The stock’s 50-day moving average is $118.99 and its two-hundred day moving average is $102.11. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market cap of $8.92 billion, a PE ratio of 21.96 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same period in the previous year, the company posted $1.79 EPS. Equities analysts forecast that Pinnacle Financial Partners will post 6.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director David B. Ingram sold 3,610 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $126.07, for a total value of $455,112.70. Following the sale, the director now directly owns 139,489 shares in the company, valued at $17,585,378.23. This trade represents a 2.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares of the company’s stock, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,661 shares of company stock worth $9,563,127 in the last three months. 1.87% of the stock is owned by insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Ashton Thomas Securities LLC acquired a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $30,000. UMB Bank n.a. lifted its position in Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares during the period. Values First Advisors Inc. acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at $49,000. Quarry LP raised its stake in shares of Pinnacle Financial Partners by 3,500.0% in the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after buying an additional 735 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new stake in shares of Pinnacle Financial Partners in the third quarter valued at $70,000. Institutional investors 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.