Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Cut to $108.00 by Analysts at JPMorgan Chase & Co.

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective dropped by equities research analysts at JPMorgan Chase & Co. from $110.00 to $108.00 in a research report issued to clients and 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 indicates a potential upside of 32.47% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the company. Jefferies Financial Group reduced 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. Truist Financial raised their target price on Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a “buy” rating in a report on Monday, April 1st. UBS Group reduced their target price 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. Stephens reissued an “overweight” rating and set a $109.00 price objective on shares of Pinnacle Financial Partners in a report on Tuesday. Finally, Barclays assumed coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price objective on the stock. One equities 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 company. Based on data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Hold” and an average target price of $95.50.

Pinnacle Financial Partners Trading Down 1.7 %

Shares of PNFP stock opened at $81.53 on Wednesday. The stock’s fifty day moving average price is $82.28 and its two-hundred day moving average price is $79.19. The company has a market cap of $6.28 billion, a PE ratio of 11.66 and a beta of 1.08. Pinnacle Financial Partners has a fifty-two week low of $43.31 and a fifty-two week high of $92.33. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90.

Insider Activity at Pinnacle Financial Partners

In related news, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the completion of the sale, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at approximately $24,237,633.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Harold R. Carpenter sold 6,306 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the sale, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The disclosure for this sale can be found here. Insiders sold 47,844 shares of company stock valued at $3,933,734 in the last three months. Corporate 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 stock. International Assets Investment Management LLC increased its holdings in Pinnacle Financial Partners by 6,999.3% during the 4th quarter. International Assets Investment Management LLC now owns 30,527 shares of the financial services provider’s stock worth $2,663,000 after purchasing an additional 30,097 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Pinnacle Financial Partners by 102.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock worth $125,394,000 after buying an additional 947,704 shares during the last quarter. FMR LLC boosted its stake in shares of Pinnacle Financial Partners by 3.4% in the 3rd quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock worth $139,721,000 after buying an additional 69,197 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Pinnacle Financial Partners by 31.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 238,626 shares of the financial services provider’s stock worth $20,813,000 after buying an additional 57,187 shares during the last quarter. Finally, Algert Global LLC boosted its stake in shares of Pinnacle Financial Partners by 175.6% in the 3rd quarter. Algert Global LLC now owns 38,862 shares of the financial services provider’s stock worth $2,605,000 after buying an additional 24,763 shares during the last quarter. 87.40% of the stock is owned by 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.