JPMorgan Chase & Co. Lowers Pinnacle Financial Partners (NYSE:PNFP) Price Target to $120.00

Pinnacle Financial Partners (NYSE:PNFP) had its price target cut by investment analysts at JPMorgan Chase & Co. from $125.00 to $120.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 17.04% from the stock’s previous close.

PNFP has been the subject of a number of other research reports. Robert W. Baird initiated coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective for the company. Truist Financial boosted their target price on Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. TD Cowen cut their target price on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Weiss Ratings raised Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Finally, Piper Sandler raised their price target on Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.65.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $102.53 on Friday. Pinnacle Financial Partners has a one year low of $81.08 and a one year high of $107.00. The firm has a market cap of $7.95 billion, a PE ratio of 14.08, a PEG ratio of 0.41 and a beta of 1.04. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.90. The stock has a fifty day moving average price of $97.90.

Pinnacle Financial Partners (NYSE:PNFP) last issued its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Equities analysts forecast that Pinnacle Financial Partners will post 10.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. lifted its holdings in Pinnacle Financial Partners by 1.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock valued at $704,000 after purchasing an additional 116 shares in the last quarter. Villanova Investment Management Co LLC grew its holdings in shares of Pinnacle Financial Partners by 0.4% during the fourth quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock worth $2,720,000 after buying an additional 118 shares in the last quarter. Simplicity Wealth LLC grew its holdings in shares of Pinnacle Financial Partners by 1.5% during the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock worth $789,000 after buying an additional 131 shares in the last quarter. Whittier Trust Co. raised its position in shares of Pinnacle Financial Partners by 10.1% in the fourth quarter. Whittier Trust Co. now owns 1,521 shares of the company’s stock valued at $145,000 after buying an additional 140 shares during the last quarter. Finally, Graham Capital Management L.P. raised its position in shares of Pinnacle Financial Partners by 0.7% in the fourth quarter. Graham Capital Management L.P. now owns 22,169 shares of the company’s stock valued at $2,115,000 after buying an additional 146 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

About Pinnacle Financial Partners

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.