Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Cut to $108.00 by Analysts at JPMorgan Chase & Co.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) had its target price reduced by equities researchers at JPMorgan Chase & Co. from $110.00 to $108.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 30.18% from the company's previous close.

Other equities analysts have also recently issued reports about the stock. Stephens reaffirmed an "overweight" rating and set a $109.00 price target on shares of Pinnacle Financial Partners in a research note on Tuesday. Hovde Group lowered their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an "outperform" rating on the stock in a research note on Tuesday. Jefferies Financial Group lowered their price target on shares of 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. Truist Financial increased their price objective on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a "buy" rating in a research note on Monday, April 1st. Finally, Barclays began coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an "equal weight" rating and a $93.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $96.13.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP traded up $1.62 on Wednesday, reaching $82.96. 518,154 shares of the company were exchanged, compared to its average volume of 466,101. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.44. Pinnacle Financial Partners has a 1-year low of $43.31 and a 1-year high of $92.33. The firm has a market cap of $6.39 billion, a price-to-earnings ratio of 11.87 and a beta of 1.08. The company has a 50-day moving average of $82.34 and a 200-day moving average of $79.15.

Insider Buying and Selling at Pinnacle Financial Partners

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PNFP. Rise Advisors LLC acquired a new stake in Pinnacle Financial Partners during the 1st quarter worth approximately $26,000. Emerald Advisers LLC acquired a new stake in Pinnacle Financial Partners during the 3rd quarter worth approximately $27,000. Fifth Third Bancorp increased its position in Pinnacle Financial Partners by 101.4% during the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider's stock worth $28,000 after purchasing an additional 213 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in Pinnacle Financial Partners during the 4th quarter worth approximately $32,000. Finally, Nomura Asset Management Co. Ltd. increased its position in Pinnacle Financial Partners by 57.1% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider's stock worth $37,000 after purchasing an additional 200 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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.