JPMorgan Chase & Co. Cuts Pinnacle Financial Partners (NASDAQ:PNFP) Price Target to $138.00

Pinnacle Financial Partners (NASDAQ:PNFP) had its target price lowered by JPMorgan Chase & Co. from $140.00 to $138.00 in a report released on Tuesday,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

A number of other research analysts have also weighed in on PNFP. UBS Group started coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price for the company. Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Citigroup increased their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $122.73.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $115.49 on Tuesday. The company has a market capitalization of $8.92 billion, a price-to-earnings ratio of 21.96 and a beta of 1.09. The firm has a 50 day moving average of $119.19 and a two-hundred day moving average of $102.20. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners has a 12 month low of $73.62 and a 12 month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The company had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter in the previous year, the firm earned $1.79 earnings per share. As a group, equities analysts anticipate that Pinnacle Financial Partners will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.76%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 16.73%.

Insiders Place Their Bets

In other news, Director David B. Ingram sold 20,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $126.02, for a total value of $2,520,400.00. Following the transaction, the director now owns 92,565 shares of the company’s stock, valued at approximately $11,665,041.30. This trade represents a 17.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the sale, the chief financial officer now owns 60,805 shares of the company’s stock, valued at $7,635,283.85. The trade was a 4.78 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 76,661 shares of company stock valued at $9,563,127. 1.87% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of hedge funds have recently modified their holdings of PNFP. Ashton Thomas Securities LLC acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth approximately $30,000. UMB Bank n.a. boosted its holdings in Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. bought a new position in Pinnacle Financial Partners in the third quarter valued at $49,000. Brooklyn Investment Group acquired a new stake in Pinnacle Financial Partners in the 3rd quarter valued at $70,000. Finally, Quarry LP lifted its position in Pinnacle Financial Partners by 3,500.0% during the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after buying an additional 735 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

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.