Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Raised to $125.00 at JPMorgan Chase & Co.

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target increased by JPMorgan Chase & Co. from $110.00 to $125.00 in a research note released on Tuesday,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

PNFP has been the topic of a number of other research reports. Raymond James Financial raised Pinnacle Financial Partners from a “market perform” rating to a “strong-buy” rating and set a $120.00 target price on the stock in a report on Thursday, December 11th. Barclays increased their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 11th. Cowen initiated coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, September 24th. They set a “buy” rating for the company. TD Cowen began coverage on Pinnacle Financial Partners in a research note on Thursday, September 25th. They issued a “buy” rating and a $122.00 price objective for the company. Finally, UBS Group lowered their target price on Pinnacle Financial Partners from $104.00 to $95.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $110.62.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $99.78 on Tuesday. The firm has a 50 day moving average of $90.16 and a 200 day moving average of $97.26. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33. Pinnacle Financial Partners has a twelve month low of $81.57 and a twelve month high of $127.85. The company has a market capitalization of $7.74 billion, a P/E ratio of 12.68, a price-to-earnings-growth ratio of 0.62 and a beta of 1.06.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.22. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.The firm had revenue of $544.80 million during the quarter, compared to analysts’ expectations of $526.40 million. During the same quarter in the previous year, the business earned $1.86 earnings per share. As a group, equities research analysts anticipate that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 7th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio is 12.20%.

Insider Transactions at Pinnacle Financial Partners

In other news, Director G Kennedy Thompson bought 5,000 shares of Pinnacle Financial Partners stock in a transaction dated Monday, October 20th. The shares were purchased at an average cost of $87.63 per share, with a total value of $438,150.00. Following the completion of the acquisition, the director owned 33,372 shares of the company’s stock, valued at $2,924,388.36. This trade represents a 17.62% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 6,775 shares of the business’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $93.00, for a total value of $630,075.00. Following the completion of the sale, the chairman owned 202,505 shares in the company, valued at $18,832,965. This represents a 3.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.46% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Sheets Smith Wealth Management increased its position in Pinnacle Financial Partners by 1.8% in the second quarter. Sheets Smith Wealth Management now owns 5,980 shares of the financial services provider’s stock worth $660,000 after purchasing an additional 105 shares during the last quarter. Brooklyn Investment Group grew its stake in shares of Pinnacle Financial Partners by 15.3% in the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider’s stock worth $88,000 after buying an additional 110 shares in the last quarter. Park Avenue Securities LLC increased its holdings in shares of Pinnacle Financial Partners by 1.5% in the 2nd quarter. Park Avenue Securities LLC now owns 8,177 shares of the financial services provider’s stock worth $903,000 after buying an additional 121 shares during the last quarter. EJF Capital LLC increased its holdings in shares of Pinnacle Financial Partners by 2.5% in the 2nd quarter. EJF Capital LLC now owns 5,138 shares of the financial services provider’s stock worth $567,000 after buying an additional 127 shares during the last quarter. Finally, Profund Advisors LLC raised its position in shares of Pinnacle Financial Partners by 4.6% during the 3rd quarter. Profund Advisors LLC now owns 2,895 shares of the financial services provider’s stock valued at $272,000 after buying an additional 127 shares in the last quarter. 87.40% of the stock is currently 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.