Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Cut to $105.00 by Analysts at JPMorgan Chase & Co.

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target trimmed by JPMorgan Chase & Co. from $108.00 to $105.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

PNFP has been the topic of several other reports. Barclays initiated coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an equal weight rating and a $93.00 price target on the stock. Stephens decreased their price target on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an overweight rating for the company in a research note on Thursday, May 23rd. Truist Financial dropped their price objective on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a buy rating on the stock in a research note on Thursday, April 25th. Hovde Group decreased their target price on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating for the company in a research note on Tuesday, April 23rd. Finally, Jefferies Financial Group dropped their price target on Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating on the stock in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and an average price target of $94.25.

Pinnacle Financial Partners Stock Up 0.7 %

Shares of Pinnacle Financial Partners stock opened at $77.27 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. Pinnacle Financial Partners has a 12-month low of $54.16 and a 12-month high of $92.33. The company has a market cap of $5.97 billion, a P/E ratio of 11.05 and a beta of 1.08. The company’s fifty day simple moving average is $79.38 and its two-hundred day simple moving average is $82.38.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.52 by $0.01. The company had revenue of $428.14 million during the quarter, compared to the consensus estimate 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 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 3rd were given a $0.22 dividend. The ex-dividend date was Thursday, May 2nd. This represents a $0.88 annualized dividend and a yield of 1.14%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the business’s stock in a transaction on 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 completion of the transaction, the chairman now owns 153,062 shares in the company, valued at $12,404,144.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $81.04, for a total value of $9,339,778.96. Following the completion of the sale, the chairman now directly owns 153,062 shares in the company, valued at $12,404,144.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO M Terry Turner sold 72,000 shares of the business’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 transaction 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 $18,039,306.30. The disclosure for this sale can be found here. Company insiders own 1.87% of the company’s stock.

Institutional Trading of Pinnacle Financial Partners

Several large investors have recently modified their holdings of PNFP. Rise Advisors LLC purchased a new stake in Pinnacle Financial Partners in the 1st quarter worth $26,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $32,000. ICA Group Wealth Management LLC purchased a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at $44,000. Principal Securities Inc. purchased a new stake in Pinnacle Financial Partners during the fourth quarter valued at $60,000. Finally, Mather Group LLC. purchased a new position in shares of Pinnacle Financial Partners in the 1st quarter worth $65,000. Institutional investors own 87.40% of the company’s stock.

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.