JPMorgan Chase & Co. Cuts Pinnacle Financial Partners (NYSE:PNFP) Price Target to $105.00

Pinnacle Financial Partners (NYSE:PNFP) had its price target reduced by stock analysts at JPMorgan Chase & Co. from $120.00 to $105.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 19.83% from the company’s previous close.

Several other equities research analysts have also commented on PNFP. Barclays boosted their price objective on shares of Pinnacle Financial Partners from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, December 19th. Weiss Ratings initiated coverage on shares of Pinnacle Financial Partners in a report on Monday, March 9th. They set a “hold (c+)” rating for the company. Citigroup upped their price target on shares of Pinnacle Financial Partners from $118.00 to $122.00 and gave the company a “buy” rating in a report on Monday, January 26th. Truist Financial set a $100.00 price target on shares of Pinnacle Financial Partners in a research report on Friday, January 9th. Finally, Deutsche Bank Aktiengesellschaft set a $116.00 price objective on shares of Pinnacle Financial Partners and gave the stock a “buy” rating in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $112.24.

Pinnacle Financial Partners Stock Up 1.7%

PNFP traded up $1.49 during trading on Wednesday, reaching $87.63. 2,107,131 shares of the stock were exchanged, compared to its average volume of 1,672,345. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $6.80 billion, a price-to-earnings ratio of 10.83, a PEG ratio of 0.38 and a beta of 1.02. Pinnacle Financial Partners has a 1 year low of $81.08 and a 1 year high of $120.46.

Insider Activity

In other news, CFO Andrew J. Jr. Gregory purchased 1,000 shares of the firm’s stock in a transaction on Thursday, February 12th. The shares were bought at an average cost of $94.52 per share, with a total value of $94,520.00. Following the purchase, the chief financial officer directly owned 49,485 shares of the company’s stock, valued at approximately $4,677,322.20. This trade represents a 2.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its position in Pinnacle Financial Partners by 97.9% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 47,073 shares of the company’s stock worth $4,327,000 after buying an additional 23,292 shares during the period. Voya Investment Management LLC grew its holdings in Pinnacle Financial Partners by 146.1% in the 3rd quarter. Voya Investment Management LLC now owns 25,183 shares of the company’s stock valued at $2,362,000 after buying an additional 14,951 shares during the period. Jones Financial Companies Lllp grew its holdings in Pinnacle Financial Partners by 585.5% in the 3rd quarter. Jones Financial Companies Lllp now owns 18,419 shares of the company’s stock valued at $1,768,000 after buying an additional 15,732 shares during the period. Woodmont Investment Counsel LLC increased its stake in shares of Pinnacle Financial Partners by 43.1% during the 3rd quarter. Woodmont Investment Counsel LLC now owns 94,388 shares of the company’s stock valued at $8,853,000 after acquiring an additional 28,445 shares during the last quarter. Finally, Hudson Bay Capital Management LP purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth about $1,128,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

About Pinnacle Financial Partners

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.