Pinnacle Financial Partners (NASDAQ:PNFP) PT Lowered to $108.00 at JPMorgan Chase & Co.

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective reduced by JPMorgan Chase & Co. from $110.00 to $108.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other brokerages have also recently issued reports on PNFP. Jefferies Financial Group decreased their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating on the stock in a report on Monday, April 8th. Hovde Group decreased their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating on the stock in a report on Tuesday. Barclays started coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They set an equal weight rating and a $93.00 price target on the stock. Stephens reiterated an overweight rating and set a $109.00 price target on shares of Pinnacle Financial Partners in a report on Tuesday. Finally, UBS Group lowered their price target on Pinnacle Financial Partners from $91.00 to $90.00 and set a neutral rating on the stock in a report on Thursday, January 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $95.50.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP opened at $80.29 on Wednesday. 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 stock has a market capitalization of $6.19 billion, a price-to-earnings ratio of 11.49 and a beta of 1.08. The stock’s fifty day simple moving average is $82.20 and its 200 day simple moving average is $79.29. Pinnacle Financial Partners has a 52-week low of $43.31 and a 52-week high of $92.33.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be given a dividend of $0.22 per share. The ex-dividend date is Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.10%. Pinnacle Financial Partners’s payout ratio is 12.59%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 24,057 shares of the business’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 $1,977,966.54. Following the completion of the sale, the chief executive officer now owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Pinnacle Financial Partners news, CEO M Terry Turner sold 24,057 shares of the business’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 $1,977,966.54. Following the completion of the sale, the chief executive officer now owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Harold R. Carpenter sold 6,306 shares of the business’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 completion of the sale, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,844 shares of company stock valued at $3,933,734. Insiders own 1.87% of the company’s stock.

Hedge Funds Weigh In On Pinnacle Financial Partners

Large investors have recently made changes to their positions in the business. Rise Advisors LLC acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter worth about $26,000. Emerald Advisers LLC acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth about $27,000. Fifth Third Bancorp lifted its position in shares of Pinnacle Financial Partners by 101.4% during the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 213 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth about $32,000. Finally, Nomura Asset Management Co. Ltd. lifted its position in shares of Pinnacle Financial Partners by 57.1% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 200 shares during the last quarter. 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.