JPMorgan Chase & Co. Lowers Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $108.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its price objective decreased by JPMorgan Chase & Co. from $110.00 to $108.00 in a research report sent to investors on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

PNFP has been the subject of several other reports. Stephens reiterated an overweight rating and issued a $109.00 target price on shares of Pinnacle Financial Partners in a research note on Tuesday. Hovde Group cut their target price on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating for the company in a research note on Tuesday. Jefferies Financial Group cut their price objective on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating for the company in a research report on Monday, April 8th. Barclays assumed coverage on shares of Pinnacle Financial Partners in a research report on Friday, March 8th. They set an equal weight rating and a $93.00 price objective for the company. Finally, Truist Financial raised their price objective on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a buy rating in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $95.50.

Pinnacle Financial Partners Trading Down 1.5 %

Shares of NASDAQ:PNFP opened at $80.29 on Wednesday. Pinnacle Financial Partners has a 52-week low of $43.31 and a 52-week high of $92.33. The company has a market capitalization of $6.19 billion, a P/E ratio of 11.49 and a beta of 1.08. The company has a 50-day simple moving average of $82.20 and a 200 day simple moving average of $79.29. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be given a $0.22 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.10%. Pinnacle Financial Partners’s payout ratio is 12.59%.

Insider Activity

In other news, Chairman Richard D. Callicutt II sold 11,030 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $906,886.60. Following the completion of the sale, the chairman now directly owns 97,226 shares in the company, valued at $7,993,921.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CEO M Terry Turner sold 24,057 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $1,977,966.54. Following the completion of the sale, the chief executive officer now directly owns 294,790 shares in the company, valued at $24,237,633.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Richard D. Callicutt II sold 11,030 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $906,886.60. Following the completion of the sale, the chairman now owns 97,226 shares of the company’s stock, valued at $7,993,921.72. The disclosure for this sale can be found here. Over the last ninety days, insiders 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

A number of hedge funds have recently added to or reduced their stakes in PNFP. Wasatch Advisors LP increased its stake in Pinnacle Financial Partners by 41.8% in the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after acquiring an additional 985,694 shares during the last quarter. Norges Bank bought a new position in Pinnacle Financial Partners in the fourth quarter valued at approximately $83,461,000. Wellington Management Group LLP increased its stake in Pinnacle Financial Partners by 102.7% in the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock valued at $125,394,000 after acquiring an additional 947,704 shares during the last quarter. Principal Financial Group Inc. increased its stake in Pinnacle Financial Partners by 185.5% in the fourth quarter. Principal Financial Group Inc. now owns 808,135 shares of the financial services provider’s stock valued at $70,486,000 after acquiring an additional 525,101 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Pinnacle Financial Partners by 14.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock valued at $230,951,000 after acquiring an additional 334,502 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Company Profile

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.