JPMorgan Chase & Co. Cuts Pinnacle Financial Partners (NYSE:PNFP) Price Target to $120.00

Key Points

• JPMorgan Chase & Co. lowered its price target on Pinnacle Financial Partners from $125 to $120 while keeping an overweight rating, implying about 18.36% upside from the prior close.
• Other analysts remain generally constructive: recent calls include buy and outperform ratings, and the consensus view is still Moderate Buy with a consensus target price of $116.28.
• Pinnacle Financial Partners reported better-than-expected quarterly EPS of $2.50 versus $2.46 estimated, and the stock was trading up 1.6% at $101.39 on Friday.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) had its price target lowered by research analysts at JPMorgan Chase & Co. from $125.00 to $120.00 in a report issued on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential upside of 18.36% from the company's previous close.

Other equities research analysts have also issued reports about the company. Robert W. Baird started coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They set an "outperform" rating and a $115.00 price objective for the company. UBS Group upped their target price on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a "buy" rating in a report on Friday, April 24th. Wall Street Zen raised Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Tuesday, May 12th. Piper Sandler boosted their price objective on Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Citigroup upped their price objective on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a "buy" rating in a research note on Thursday, June 25th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $116.28.

Pinnacle Financial Partners Stock Up 1.6%

Pinnacle Financial Partners stock traded up $1.58 during mid-day trading on Friday, hitting $101.39. 683,906 shares of the company's stock traded hands, compared to its average volume of 1,476,532. The firm has a market cap of $7.86 billion, a P/E ratio of 13.91, a PEG ratio of 0.39 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners has a one year low of $81.08 and a one year high of $107.00. The company has a 50 day moving average price of $97.73.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 12.42%. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. On average, analysts expect that Pinnacle Financial Partners will post 10.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Resources Management Corp CT ADV acquired a new position in Pinnacle Financial Partners in the first quarter worth approximately $26,000. Brown Brothers Harriman & Co. acquired a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at $26,000. High Point Wealth Management LLC bought a new position in Pinnacle Financial Partners during the fourth quarter valued at about $27,000. BOKF NA lifted its position in shares of Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company's stock worth $27,000 after buying an additional 265 shares during the last quarter. Finally, Activest Wealth Management bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth about $28,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Company Profile

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.

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