JPMorgan Chase & Co. Lowers Stake in Pinnacle Financial Partners, Inc. $PNFP

JPMorgan Chase & Co. trimmed its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 73.5% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 172,684 shares of the financial services provider’s stock after selling 479,878 shares during the period. JPMorgan Chase & Co. owned 0.22% of Pinnacle Financial Partners worth $16,196,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PNFP. Covestor Ltd raised its stake in Pinnacle Financial Partners by 193.9% during the 3rd quarter. Covestor Ltd now owns 338 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 223 shares during the last quarter. Quent Capital LLC acquired a new position in shares of Pinnacle Financial Partners in the third quarter valued at approximately $34,000. Eastern Bank purchased a new stake in shares of Pinnacle Financial Partners during the third quarter worth approximately $37,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Pinnacle Financial Partners during the second quarter worth $38,000. Finally, MAI Capital Management grew its position in Pinnacle Financial Partners by 79.4% in the 2nd quarter. MAI Capital Management now owns 366 shares of the financial services provider’s stock valued at $40,000 after buying an additional 162 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

PNFP opened at $91.24 on Wednesday. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $120.46. The stock has a market cap of $7.08 billion, a P/E ratio of 11.59, a P/E/G ratio of 0.48 and a beta of 1.03. The stock’s 50 day simple moving average is $97.25 and its 200 day simple moving average is $94.46. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Friday, February 27th. Investors of record on Friday, February 6th were paid a $0.50 dividend. The ex-dividend date of this dividend was Friday, February 6th. Pinnacle Financial Partners’s dividend payout ratio is presently 24.72%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory bought 1,000 shares of the business’s stock in a transaction on Thursday, February 12th. The stock was bought at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the completion of the transaction, the chief financial officer owned 49,485 shares in the company, valued at approximately $4,677,322.20. The trade was a 2.06% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PNFP shares. DA Davidson began coverage on shares of Pinnacle Financial Partners in a research report on Monday, January 5th. They set a “neutral” rating and a $110.00 price objective for the company. Piper Sandler increased their price target on shares of Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an “overweight” rating in a report on Wednesday, January 28th. Citigroup raised their price objective on shares of Pinnacle Financial Partners from $118.00 to $122.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Keefe, Bruyette & Woods boosted their target price on Pinnacle Financial Partners from $95.00 to $100.00 and gave the stock a “market perform” rating in a research report on Friday, January 9th. Finally, Deutsche Bank Aktiengesellschaft set a $116.00 target price on Pinnacle Financial Partners and gave the stock a “buy” rating in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $113.41.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc (NASDAQ: PNFP) is a financial services company headquartered in Nashville, Tennessee, that provides banking, wealth management and insurance solutions to business and consumer clients. The company operates through two primary segments—Banking and Wealth Management & Advisory—offering a comprehensive suite of products that includes commercial and consumer lending, deposit services, treasury management, trust and investment advisory, and insurance brokerage. Pinnacle’s client-focused model emphasizes relationship-based banking, leveraging local decision-making authority and specialized industry expertise to serve diverse sectors such as healthcare, technology, real estate and professional services.

In its banking segment, Pinnacle delivers commercial and consumer loans, lines of credit, equipment financing, and mortgage lending.