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

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target lifted by JPMorgan Chase & Co. from $110.00 to $125.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 24.76% from the company’s previous close.

PNFP has been the topic of a number of other reports. Wells Fargo & Company reduced their target price on shares of Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. UBS Group decreased their target price on shares of 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. Cowen assumed coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 24th. They issued a “buy” rating for the company. Truist Financial reduced their price target on Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Pinnacle Financial Partners in a report on Monday, December 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus price target of $110.62.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $100.19 on Tuesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. The business’s fifty day moving average price is $90.34 and its two-hundred day moving average price is $97.28. The stock has a market cap of $7.77 billion, a PE ratio of 12.73, a price-to-earnings-growth ratio of 0.62 and a beta of 1.06. Pinnacle Financial Partners has a one year low of $81.57 and a one year high of $127.85.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.22. The business had revenue of $544.80 million for the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.During the same period in the prior year, the business earned $1.86 earnings per share. On average, analysts forecast that Pinnacle Financial Partners will post 7.85 EPS for the current fiscal year.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director G Kennedy Thompson purchased 5,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The stock was purchased at an average cost of $87.63 per share, with a total value of $438,150.00. Following the transaction, the director owned 33,372 shares in the company, valued at approximately $2,924,388.36. This trade represents a 17.62% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Robert A. Mccabe, Jr. sold 6,775 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $93.00, for a total value of $630,075.00. Following the completion of the transaction, the chairman directly owned 202,505 shares in the company, valued at $18,832,965. This trade represents a 3.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.46% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PNFP. Hudson Bay Capital Management LP purchased a new stake in Pinnacle Financial Partners during the 3rd quarter worth $1,128,000. Tudor Investment Corp ET AL grew its stake in shares of Pinnacle Financial Partners by 984.5% during the third quarter. Tudor Investment Corp ET AL now owns 165,120 shares of the financial services provider’s stock valued at $15,487,000 after acquiring an additional 149,895 shares in the last quarter. Allworth Financial LP increased its position in shares of Pinnacle Financial Partners by 684.3% during the third quarter. Allworth Financial LP now owns 2,102 shares of the financial services provider’s stock worth $197,000 after acquiring an additional 1,834 shares during the last quarter. Swiss Life Asset Management Ltd lifted its stake in shares of Pinnacle Financial Partners by 80.6% in the third quarter. Swiss Life Asset Management Ltd now owns 3,609 shares of the financial services provider’s stock worth $338,000 after acquiring an additional 1,611 shares in the last quarter. Finally, Caerus Investment Advisors LLC purchased a new position in Pinnacle Financial Partners in the third quarter valued at about $675,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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.