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 objective decreased by research analysts at JPMorgan Chase & Co. from $140.00 to $138.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 21.58% from the stock’s previous close.

Several other research analysts have also recently weighed in on PNFP. UBS Group initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price for the company. Hovde Group cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a research note on Monday, November 18th. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Citigroup lifted their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $122.73.

Pinnacle Financial Partners Stock Performance

PNFP stock traded down $1.87 on Tuesday, reaching $113.51. The company’s stock had a trading volume of 122,559 shares, compared to its average volume of 345,291. The company has a market capitalization of $8.77 billion, a P/E ratio of 21.58 and a beta of 1.09. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners has a 52 week low of $73.62 and a 52 week high of $131.91. The firm has a fifty day moving average of $118.61 and a two-hundred day moving average of $101.75.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. The business had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same quarter last year, the business earned $1.79 earnings per share. As a group, analysts predict that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Insider Buying and Selling

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the sale, the chairman now directly owns 123,000 shares of the company’s stock, valued at $15,263,070. This represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of large investors have recently added to or reduced their stakes in PNFP. Ashton Thomas Securities LLC acquired a new stake in shares of Pinnacle Financial Partners in the third quarter worth $30,000. UMB Bank n.a. lifted its position in Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 226 shares during the last quarter. Values First Advisors Inc. bought a new stake in Pinnacle Financial Partners during the third quarter valued at about $49,000. Brooklyn Investment Group acquired a new stake in shares of Pinnacle Financial Partners in the third quarter valued at about $70,000. Finally, Quarry LP increased its stake in shares of Pinnacle Financial Partners by 3,500.0% in the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 735 shares during the period. Institutional investors own 87.40% of the company’s stock.

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.