JPMorgan Chase & Co. Cuts Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $138.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective cut by JPMorgan Chase & Co. from $140.00 to $138.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 21.58% from the stock’s current price.

Several other equities analysts also recently issued reports on the stock. Stephens increased their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. UBS Group initiated coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective for the company. Wells Fargo & Company increased their price target on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a research note on Monday, November 18th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and an average price target of $122.73.

Pinnacle Financial Partners Stock Down 1.6 %

Shares of PNFP traded down $1.87 during midday trading on Tuesday, reaching $113.51. 122,559 shares of the stock were exchanged, compared to its average volume of 345,291. The company’s 50 day moving average is $118.61 and its two-hundred day moving average is $101.75. Pinnacle Financial Partners has a 52 week low of $73.62 and a 52 week high of $131.91. The company has a market capitalization of $8.77 billion, a P/E ratio of 21.58 and a beta of 1.09. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.07. The firm had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same period in the previous year, the business earned $1.79 EPS. On average, sell-side analysts anticipate that Pinnacle Financial Partners will post 6.8 earnings per share for the current year.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 3,610 shares of Pinnacle Financial Partners stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $126.07, for a total value of $455,112.70. Following the transaction, the director now directly owns 139,489 shares of the company’s stock, valued at $17,585,378.23. The trade was a 2.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares in the company, valued at $7,635,283.85. The trade was a 4.78 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is owned by insiders.

Institutional Trading of Pinnacle Financial Partners

Several large investors have recently modified their holdings of the business. Azora Capital LP bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth about $64,326,000. Dimensional Fund Advisors LP increased its holdings in Pinnacle Financial Partners by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after buying an additional 292,401 shares during the last quarter. FMR LLC increased its holdings in Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after buying an additional 282,016 shares during the last quarter. Holocene Advisors LP acquired a new stake in Pinnacle Financial Partners during the third quarter valued at approximately $21,576,000. Finally, Principal Financial Group Inc. lifted its holdings in Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

About Pinnacle Financial Partners

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.