Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Raised to $125.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price increased by JPMorgan Chase & Co. from $110.00 to $125.00 in a report released on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

A number of other research firms also recently issued reports on PNFP. Cowen assumed coverage on Pinnacle Financial Partners in a research note on Wednesday, September 24th. They set a “buy” rating for the company. TD Cowen started coverage on Pinnacle Financial Partners in a research report on Thursday, September 25th. They set a “buy” rating and a $122.00 target price on the stock. Bank of America began coverage on Pinnacle Financial Partners in a report on Monday, December 8th. They set a “buy” rating and a $113.00 price target for the company. Weiss Ratings restated a “hold (c+)” rating on shares of Pinnacle Financial Partners in a research note on Monday, December 8th. Finally, Barclays lifted their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, November 11th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average target price of $110.62.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $99.99 on Tuesday. The company has a fifty day simple moving average of $90.51 and a 200 day simple moving average of $97.30. Pinnacle Financial Partners has a 12-month low of $81.57 and a 12-month high of $127.85. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33. The company has a market cap of $7.76 billion, a P/E ratio of 12.71, a PEG ratio of 0.62 and a beta of 1.06.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.22. The firm had revenue of $544.80 million for the quarter, compared to analyst estimates of $526.40 million. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. During the same period last year, the firm earned $1.86 earnings per share. Sell-side analysts predict that Pinnacle Financial Partners will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 7th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Friday, November 7th. Pinnacle Financial Partners’s payout ratio is presently 12.20%.

Insider Buying and Selling

In other news, Director G Kennedy Thompson purchased 5,000 shares of the business’s stock in a transaction dated Monday, October 20th. The stock was bought at an average price of $87.63 per share, for a total transaction of $438,150.00. Following the purchase, the director owned 33,372 shares of the company’s stock, valued at $2,924,388.36. The trade was a 17.62% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 6,775 shares of Pinnacle Financial Partners stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $93.00, for a total value of $630,075.00. Following the completion of the sale, the chairman directly owned 202,505 shares of the company’s stock, valued at approximately $18,832,965. This trade represents a 3.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PNFP. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at approximately $234,000. HighTower Advisors LLC grew its position in shares of Pinnacle Financial Partners by 8.4% in the first quarter. HighTower Advisors LLC now owns 8,639 shares of the financial services provider’s stock valued at $916,000 after purchasing an additional 666 shares in the last quarter. Raymond James Financial Inc. raised its stake in shares of Pinnacle Financial Partners by 11.6% during the 1st quarter. Raymond James Financial Inc. now owns 436,592 shares of the financial services provider’s stock valued at $46,295,000 after purchasing an additional 45,488 shares during the period. Northwest & Ethical Investments L.P. raised its stake in shares of Pinnacle Financial Partners by 202.1% during the 1st quarter. Northwest & Ethical Investments L.P. now owns 11,857 shares of the financial services provider’s stock valued at $1,255,000 after purchasing an additional 7,932 shares during the period. Finally, Brooklyn Investment Group lifted its holdings in Pinnacle Financial Partners by 15.3% during the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider’s stock worth $88,000 after purchasing an additional 110 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

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.