Pinnacle Financial Partners (NYSE:PNFP) Price Target Cut to $115.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Pinnacle Financial Partners’ price target from $120 to $115 while maintaining an “overweight” rating, implying approximately 23.76% upside from the reported share price.
• Analyst sentiment remains favorable, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $118.89.
• PNFP shares fell 0.7% to $92.92, while the company’s latest quarterly results exceeded expectations, reporting $2.50 in EPS versus the $2.46 consensus estimate.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) had its price objective lowered by JPMorgan Chase & Co. from $120.00 to $115.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential upside of 23.76% from the stock's current price.

A number of other equities analysts also recently weighed in on the stock. Stephens set a $112.00 price target on shares of Pinnacle Financial Partners in a research note on Monday, July 27th. Hovde Group assumed coverage on Pinnacle Financial Partners in a research report on Wednesday, September 16th. They set an "outperform" rating and a $125.00 price objective for the company. Citigroup boosted their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a "buy" rating in a research note on Thursday, June 25th. DA Davidson raised their price target on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Finally, Truist Financial lifted their price target on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $118.89.

Pinnacle Financial Partners Stock Down 0.7%

PNFP traded down $0.69 on Thursday, reaching $92.92. 224,319 shares of the company traded hands, compared to its average volume of 1,361,849. The company has a market cap of $7.21 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 0.37 and a beta of 1.01. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The stock's 50 day moving average price is $101.18 and its 200-day moving average price is $97.04. Pinnacle Financial Partners has a 52-week low of $81.08 and a 52-week high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.46 by $0.04. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. On average, sell-side analysts expect that Pinnacle Financial Partners will post 10.18 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Kevin S. Blair acquired 2,565 shares of the stock in a transaction dated Tuesday, September 1st. The shares were acquired at an average price of $97.48 per share, with a total value of $250,036.20. Following the acquisition, the chief executive officer owned 152,397 shares in the company, valued at approximately $14,855,659.56. The trade was a 1.71% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider M. Turner sold 66,783 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $108.01, for a total value of $7,213,231.83. Following the transaction, the insider directly owned 302,230 shares in the company, valued at approximately $32,643,862.30. This represents a 18.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have purchased 13,078 shares of company stock valued at $1,299,640 and have sold 177,228 shares valued at $19,153,713. Corporate insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of large investors have recently added to or reduced their stakes in PNFP. Resources Management Corp CT ADV acquired a new stake in shares of Pinnacle Financial Partners in the first quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC grew its stake in Pinnacle Financial Partners by 97.7% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company's stock valued at $30,000 after buying an additional 173 shares during the last quarter. Basecamp Wealth Advisors LLC grew its stake in Pinnacle Financial Partners by 112.2% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 399 shares of the company's stock valued at $34,000 after buying an additional 211 shares during the last quarter. Leonteq Securities AG bought a new position in Pinnacle Financial Partners in the 1st quarter worth $38,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in Pinnacle Financial Partners in the 4th quarter worth $53,000. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides full-service banking and related financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial, small-business and consumer loans; checking, savings and money-market accounts; treasury and cash-management services; online and mobile banking; mortgage lending; and wealth-management, trust, investment and insurance services.

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