Pinnacle Financial Partners (NYSE:PNFP) Given New $120.00 Price Target at JPMorgan Chase & Co.

Pinnacle Financial Partners (NYSE:PNFP) had its target price decreased by JPMorgan Chase & Co. from $125.00 to $120.00 in a report issued on Friday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other brokerages have also recently commented on PNFP. Citigroup boosted their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. Barclays dropped their target price on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. UBS Group upped their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Piper Sandler increased their price objective on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average target price of $116.65.

Pinnacle Financial Partners Trading Up 2.7%

Shares of PNFP stock opened at $102.53 on Friday. The company has a fifty day simple moving average of $97.90. Pinnacle Financial Partners has a 52 week low of $81.08 and a 52 week high of $107.00. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.90 and a current ratio of 0.94. The stock has a market cap of $7.95 billion, a P/E ratio of 14.08, a PEG ratio of 0.40 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Equities research analysts expect that Pinnacle Financial Partners will post 10.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of hedge funds have recently made changes to their positions in PNFP. Processus Wealth & Capital Management LLC bought a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth $721,000. Ballast Inc. purchased a new stake in shares of Pinnacle Financial Partners during the second quarter valued at $393,000. Handelsbanken Fonder AB lifted its holdings in shares of Pinnacle Financial Partners by 27.0% during the second quarter. Handelsbanken Fonder AB now owns 235,281 shares of the company’s stock valued at $23,735,000 after purchasing an additional 50,000 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Pinnacle Financial Partners in the 2nd quarter valued at $465,000. Finally, Gradient Investments LLC increased its stake in Pinnacle Financial Partners by 10.6% in the 2nd quarter. Gradient Investments LLC now owns 46,256 shares of the company’s stock worth $4,666,000 after purchasing an additional 4,436 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.