JPMorgan Chase & Co. Issues Pessimistic Forecast for Pinnacle Financial Partners (NASDAQ:PNFP) Stock Price

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective cut by stock analysts at JPMorgan Chase & Co. from $125.00 to $115.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 21.07% from the company’s previous close.

Several other analysts have also recently issued reports on the stock. Stephens reissued an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Citigroup upped their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Barclays cut their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Hovde Group upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 target price for the company in a research note on Wednesday. Finally, Wells Fargo & Company decreased their target price on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $121.50.

Pinnacle Financial Partners Stock Performance

Shares of PNFP traded up $0.63 during mid-day trading on Wednesday, reaching $94.99. 287,828 shares of the company’s stock were exchanged, compared to its average volume of 563,828. The business’s fifty day simple moving average is $106.39 and its 200-day simple moving average is $111.89. Pinnacle Financial Partners has a 52-week low of $73.62 and a 52-week high of $131.91. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $7.35 billion, a PE ratio of 15.88 and a beta of 0.94.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.08. The firm had revenue of $475.37 million during the quarter, compared to analysts’ expectations of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same quarter in the prior year, the business posted $1.53 earnings per share. On average, equities research analysts expect that Pinnacle Financial Partners will post 7.85 earnings per share for the current year.

Insider Activity

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the transaction, the chief executive officer now directly owns 254,552 shares of the company’s stock, valued at $25,615,567.76. This represents a 0.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the sale, the director now directly owns 9,943 shares in the company, valued at $1,009,711.65. This represents a 23.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,350 shares of company stock worth $11,421,320 over the last quarter. 1.46% of the stock is currently owned by company insiders.

Institutional Trading of Pinnacle Financial Partners

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC grew its stake in shares of Pinnacle Financial Partners by 51.7% in the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider’s stock worth $171,000 after purchasing an additional 551 shares during the last quarter. Pallas Capital Advisors LLC bought a new stake in shares of Pinnacle Financial Partners during the first quarter valued at approximately $218,000. UMB Bank n.a. raised its holdings in Pinnacle Financial Partners by 16.6% during the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider’s stock worth $91,000 after buying an additional 122 shares during the last quarter. Independence Bank of Kentucky lifted its position in Pinnacle Financial Partners by 10.4% in the 1st quarter. Independence Bank of Kentucky now owns 7,060 shares of the financial services provider’s stock valued at $749,000 after acquiring an additional 665 shares in the last quarter. Finally, Vest Financial LLC bought a new stake in Pinnacle Financial Partners during the first quarter worth $1,006,000. 87.40% of the stock is owned by institutional investors and hedge funds.

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.