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

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target reduced by JPMorgan Chase & Co. from $110.00 to $108.00 in a report issued on Wednesday, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Other analysts have also recently issued research reports about the company. Jefferies Financial Group lowered their price target on Pinnacle Financial Partners from $88.00 to $85.00 and set a hold rating for the company in a report on Monday, April 8th. Hovde Group decreased their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an outperform rating for the company in a report on Tuesday, April 23rd. Truist Financial boosted their target price on Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a buy rating in a report on Monday, April 1st. UBS Group decreased their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a neutral rating for the company in a report on Thursday, January 18th. Finally, Barclays started coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They set an equal weight rating and a $93.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $95.50.

Pinnacle Financial Partners Stock Down 1.5 %

PNFP opened at $80.29 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $6.19 billion, a price-to-earnings ratio of 11.49 and a beta of 1.08. The business has a 50-day moving average of $82.20 and a two-hundred day moving average of $79.37. Pinnacle Financial Partners has a 12 month low of $43.31 and a 12 month high of $92.33.

Pinnacle Financial Partners Dividend Announcement

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

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the transaction, the chief financial officer now owns 63,856 shares in the company, valued at approximately $5,250,240.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was 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 of the company’s stock, valued at approximately $5,250,240.32. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard D. Callicutt II sold 11,030 shares of the company’s 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 transaction, the chairman now directly owns 97,226 shares in the company, valued at $7,993,921.72. The disclosure for this sale can be found here. Insiders sold a total of 47,844 shares of company stock worth $3,933,734 in the last 90 days. 1.87% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of institutional investors have recently made changes to their positions in the business. Verdence Capital Advisors LLC raised its position in shares of Pinnacle Financial Partners by 2.9% in the 1st quarter. Verdence Capital Advisors LLC now owns 4,497 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 126 shares in the last quarter. Equitable Trust Co. raised its position in shares of Pinnacle Financial Partners by 89.9% in the 1st quarter. Equitable Trust Co. now owns 12,747 shares of the financial services provider’s stock valued at $1,095,000 after purchasing an additional 6,033 shares in the last quarter. Simplicity Wealth LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at approximately $509,000. Louisiana State Employees Retirement System raised its position in shares of Pinnacle Financial Partners by 1.4% during the 1st quarter. Louisiana State Employees Retirement System now owns 21,900 shares of the financial services provider’s stock valued at $1,881,000 after acquiring an additional 300 shares in the last quarter. Finally, Amalgamated Bank raised its position in shares of Pinnacle Financial Partners by 2.4% during the 1st quarter. Amalgamated Bank now owns 51,681 shares of the financial services provider’s stock valued at $4,438,000 after acquiring an additional 1,188 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

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.