JPMorgan Chase & Co. Trims Pinnacle Financial Partners (NASDAQ:PNFP) Target Price to $105.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target reduced by JPMorgan Chase & Co. from $108.00 to $105.00 in a research note released on Thursday, 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. Truist Financial lowered their price objective on Pinnacle Financial Partners from $99.00 to $94.00 and set a buy rating on the stock in a research report on Thursday, April 25th. Stephens cut their price objective on Pinnacle Financial Partners from $109.00 to $102.00 and set an overweight rating for the company in a report on Thursday, May 23rd. Jefferies Financial Group lowered their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating on the stock in a research note on Monday, April 8th. Barclays assumed coverage on shares of Pinnacle Financial Partners in a report on Friday, March 8th. They issued an equal weight rating and a $93.00 price target on the stock. Finally, Hovde Group dropped their price objective on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating for the company in a report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of Hold and an average target price of $94.25.

Pinnacle Financial Partners Stock Up 3.6 %

Shares of NASDAQ PNFP opened at $80.04 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The company has a market cap of $6.18 billion, a P/E ratio of 11.45 and a beta of 1.08. Pinnacle Financial Partners has a 52 week low of $55.23 and a 52 week high of $92.33. The business has a 50-day simple moving average of $79.39 and a two-hundred day simple moving average of $82.39.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.52 by $0.01. The company had revenue of $428.14 million during the quarter, compared to analyst estimates of $413.27 million. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. Research analysts anticipate that Pinnacle Financial Partners will post 6.74 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, May 31st. Stockholders of record on Friday, May 3rd were issued a $0.22 dividend. The ex-dividend date was Thursday, May 2nd. This represents a $0.88 annualized dividend and a dividend yield of 1.10%. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

Insider Activity

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 72,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total value of $5,829,840.00. Following the transaction, the chief executive officer now directly owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $81.04, for a total value of $9,339,778.96. Following the sale, the chairman now directly owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO M Terry Turner sold 72,000 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total value of $5,829,840.00. Following the transaction, the chief executive officer now directly owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The disclosure for this sale can be found here. 1.87% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC increased its position 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 valued at $2,663,000 after purchasing an additional 30,097 shares during the period. The Manufacturers Life Insurance Company raised its stake in Pinnacle Financial Partners by 1.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 900,251 shares of the financial services provider’s stock worth $78,520,000 after buying an additional 15,203 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Pinnacle Financial Partners by 4.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 876,314 shares of the financial services provider’s stock worth $76,432,000 after buying an additional 33,355 shares during the period. Public Employees Retirement Association of Colorado boosted its position in Pinnacle Financial Partners by 389.5% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 146,009 shares of the financial services provider’s stock valued at $12,735,000 after acquiring an additional 116,183 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Pinnacle Financial Partners by 102.7% during 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 acquiring an additional 947,704 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, 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.