Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Cut to $108.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target lowered by JPMorgan Chase & Co. from $110.00 to $108.00 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 would indicate a potential upside of 31.95% from the company’s current price.

PNFP has been the topic of several other research reports. Truist Financial boosted their target price on Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a “buy” rating in a research note on Monday, April 1st. UBS Group cut their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, January 18th. Barclays started coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They set an “equal weight” rating and a $93.00 price objective on the stock. Jefferies Financial Group dropped their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. Finally, Hovde Group dropped their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average price target of $96.13.

Pinnacle Financial Partners Stock Up 0.6 %

Shares of PNFP traded up $0.51 on Wednesday, hitting $81.85. The company’s stock had a trading volume of 172,634 shares, compared to its average volume of 461,632. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.44. The firm’s fifty day moving average price is $82.34 and its 200-day moving average price is $79.15. Pinnacle Financial Partners has a fifty-two week low of $43.31 and a fifty-two week high of $92.33. The firm has a market capitalization of $6.31 billion, a price-to-earnings ratio of 11.64 and a beta of 1.08.

Insider Transactions at Pinnacle Financial Partners

In other news, CEO M Terry Turner sold 24,057 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the sale, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at approximately $24,237,633.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Pinnacle Financial Partners news, CEO M Terry Turner sold 24,057 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $1,977,966.54. Following the completion of the transaction, the chief executive officer now directly owns 294,790 shares in the company, valued at $24,237,633.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the transaction, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 47,844 shares of company stock valued at $3,933,734. 1.87% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

Hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC grew its position in shares of Pinnacle Financial Partners by 6,999.3% in the fourth quarter. International Assets Investment Management LLC now owns 30,527 shares of the financial services provider’s stock valued at $2,663,000 after purchasing an additional 30,097 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Pinnacle Financial Partners by 102.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock valued at $125,394,000 after acquiring an additional 947,704 shares during the last quarter. FMR LLC raised its position in Pinnacle Financial Partners by 3.4% during the 3rd quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock valued at $139,721,000 after purchasing an additional 69,197 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Pinnacle Financial Partners by 31.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 238,626 shares of the financial services provider’s stock valued at $20,813,000 after purchasing an additional 57,187 shares during the last quarter. Finally, Algert Global LLC raised its position in shares of Pinnacle Financial Partners by 175.6% in the 3rd quarter. Algert Global LLC now owns 38,862 shares of the financial services provider’s stock worth $2,605,000 after acquiring an additional 24,763 shares in the last quarter. Institutional investors and hedge funds 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.