JPMorgan Chase & Co. Cuts Pinnacle Financial Partners (NYSE:PNFP) Price Target to $115.00

Pinnacle Financial Partners (NYSE:PNFP) had its price objective lowered by JPMorgan Chase & Co. from $120.00 to $115.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities research analysts have also issued reports on the company. Stephens set a $112.00 target price on Pinnacle Financial Partners in a research report on Monday, July 27th. Evercore set a $108.00 price target on Pinnacle Financial Partners in a research report on Thursday. DA Davidson lifted their price target on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Morgan Stanley lifted their price target on Pinnacle Financial Partners from $137.00 to $139.00 and gave the stock an “overweight” rating in a research note on Monday, September 28th. Finally, Truist Financial boosted their price objective on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus price target of $119.00.

Pinnacle Financial Partners Trading Up 1.6%

Pinnacle Financial Partners stock opened at $96.18 on Thursday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market cap of $7.46 billion, a price-to-earnings ratio of 13.21, a price-to-earnings-growth ratio of 0.38 and a beta of 1.03. Pinnacle Financial Partners has a 1 year low of $81.08 and a 1 year high of $110.33. The firm’s 50 day moving average price is $100.96 and its two-hundred day moving average price is $97.12.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. On average, research analysts predict that Pinnacle Financial Partners will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.47%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the firm’s stock in a transaction on Friday, July 24th. The stock was purchased at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the transaction, the insider owned 324,233 shares of the company’s stock, valued at $32,390,876.70. The trade was a 3.19% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider M. Turner sold 66,783 shares of Pinnacle Financial Partners stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $108.01, for a total value of $7,213,231.83. Following the transaction, the insider directly owned 302,230 shares in the company, valued at approximately $32,643,862.30. This trade represents a 18.10% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have acquired 13,078 shares of company stock worth $1,299,640 and have sold 177,228 shares worth $19,153,713. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of Pinnacle Financial Partners

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in Pinnacle Financial Partners during the second quarter valued at approximately $1,704,708,000. Wellington Management Group LLP lifted its position in Pinnacle Financial Partners by 22.1% in the 2nd quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company’s stock worth $1,123,944,000 after buying an additional 2,016,827 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Pinnacle Financial Partners by 80.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after buying an additional 2,244,659 shares in the last quarter. Geode Capital Management LLC lifted its position in Pinnacle Financial Partners by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 1,576,459 shares of the company’s stock worth $153,680,000 after buying an additional 103,841 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Pinnacle Financial Partners by 85.6% during the 1st quarter. Bank of New York Mellon Corp now owns 1,389,822 shares of the company’s stock valued at $119,719,000 after buying an additional 640,967 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides full-service banking and related financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial, small-business and consumer loans; checking, savings and money-market accounts; treasury and cash-management services; online and mobile banking; mortgage lending; and wealth-management, trust, investment and insurance services.