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

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price lowered by JPMorgan Chase & Co. from $108.00 to $105.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Several other equities research analysts have also commented on the stock. Barclays initiated coverage on shares of Pinnacle Financial Partners in a report on Friday, March 8th. They issued an equal weight rating and a $93.00 price target for the company. Stephens reduced their price target on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an overweight rating for the company in a research report on Thursday, May 23rd. Hovde Group lowered their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating on the stock in a report on Tuesday, April 23rd. Truist Financial reduced their target price on Pinnacle Financial Partners from $99.00 to $94.00 and set a buy rating for the company in a report on Thursday, April 25th. Finally, Jefferies Financial Group dropped their price target on Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating for the company in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of Hold and a consensus target price of $94.25.

Pinnacle Financial Partners Stock Up 0.7 %

PNFP opened at $77.27 on Thursday. The company has a fifty day moving average of $79.38 and a two-hundred day moving average of $82.38. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners has a fifty-two week low of $54.16 and a fifty-two week high of $92.33. The stock has a market capitalization of $5.97 billion, a price-to-earnings ratio of 11.05 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.52 by $0.01. Pinnacle Financial Partners had a return on equity of 9.31% and a net margin of 18.59%. The company had revenue of $428.14 million during the quarter, compared to analysts’ expectations of $413.27 million. On average, research analysts expect that Pinnacle Financial Partners will post 6.74 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 3rd were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend was Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

Insiders Place Their Bets

In related news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $81.04, for a total value of $9,339,778.96. Following the completion of the sale, the chairman now owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Pinnacle Financial Partners news, CEO M Terry Turner sold 72,000 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the completion of the sale, the chief executive officer now owns 222,790 shares of the company’s stock, valued at $18,039,306.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $81.04, for a total value of $9,339,778.96. Following the completion of the transaction, the chairman now directly owns 153,062 shares in the company, valued at approximately $12,404,144.48. The disclosure for this sale can be found here. Corporate insiders own 1.87% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors and hedge funds have recently bought and sold shares of PNFP. Vanguard Group Inc. increased its position in shares of Pinnacle Financial Partners by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock valued at $624,598,000 after acquiring an additional 63,477 shares during the last quarter. Wasatch Advisors LP increased its holdings in Pinnacle Financial Partners by 41.8% in the 1st quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after purchasing an additional 985,694 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Pinnacle Financial Partners by 14.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock valued at $230,951,000 after purchasing an additional 334,502 shares during the period. Wellington Management Group LLP lifted its stake in Pinnacle Financial Partners by 102.7% during the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock worth $125,394,000 after purchasing an additional 947,704 shares in the last quarter. Finally, Jennison Associates LLC boosted its position in shares of Pinnacle Financial Partners by 2.4% during the first quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider’s stock worth $94,244,000 after buying an additional 26,216 shares during the period. 87.40% of the stock is currently owned by hedge funds and other 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.