Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Cut to $138.00 by Analysts at JPMorgan Chase & Co.

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target lowered by JPMorgan Chase & Co. from $140.00 to $138.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

PNFP has been the subject of a number of other reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Citigroup upped their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. UBS Group started 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 target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $122.73.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $115.49 on Tuesday. The firm has a market capitalization of $8.92 billion, a P/E ratio of 21.96 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. The firm’s fifty day moving average price is $119.19 and its two-hundred day moving average price is $102.20. Pinnacle Financial Partners has a 1 year low of $73.62 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The company had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same period in the prior year, the firm earned $1.79 EPS. As a group, research analysts anticipate that Pinnacle Financial Partners will post 6.8 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.76%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.73%.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director David B. Ingram sold 20,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the sale, the director now directly owns 92,565 shares in the company, valued at $11,665,041.30. This represents a 17.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the completion of the transaction, the chairman now owns 123,000 shares of the company’s stock, valued at $15,263,070. The trade was a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 76,661 shares of company stock worth $9,563,127. Company insiders own 1.87% of the company’s stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of large investors have recently modified their holdings of the business. Oliver Luxxe Assets LLC lifted its position in shares of Pinnacle Financial Partners by 19.7% during the 4th quarter. Oliver Luxxe Assets LLC now owns 46,667 shares of the financial services provider’s stock worth $5,338,000 after buying an additional 7,691 shares during the last quarter. Principal Financial Group Inc. raised its stake in Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after acquiring an additional 208,938 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new position in shares of Pinnacle Financial Partners in the third quarter worth about $229,000. Sanctuary Advisors LLC boosted its stake in shares of Pinnacle Financial Partners by 585.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 27,465 shares of the financial services provider’s stock valued at $2,691,000 after purchasing an additional 23,456 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Pinnacle Financial Partners by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after purchasing an additional 8,604 shares during the last quarter. Institutional investors and hedge funds 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.