JPMorgan Chase & Co. Has Lowered Expectations for Pinnacle Financial Partners (NASDAQ:PNFP) Stock Price

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) had its price target dropped by research analysts at JPMorgan Chase & Co. from $140.00 to $138.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 20.87% from the company's previous close.

PNFP has been the topic of a number of other research reports. Hovde Group cut Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price target on the stock. in a research report on Monday, November 18th. UBS Group initiated coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 target price for the company. Barclays upgraded shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Truist Financial boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Finally, Citigroup raised their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a report on Tuesday, December 31st. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has an average rating of "Hold" and an average price target of $122.73.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock traded down $1.21 during midday trading on Tuesday, hitting $114.17. The company's stock had a trading volume of 326,279 shares, compared to its average volume of 397,795. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market cap of $8.82 billion, a price-to-earnings ratio of 21.71 and a beta of 1.09. Pinnacle Financial Partners has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a 50-day moving average price of $118.61 and a two-hundred day moving average price of $101.75.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating analysts' consensus estimates of $1.79 by $0.07. The company had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same period in the previous year, the business earned $1.79 earnings per share. As a group, sell-side analysts predict that Pinnacle Financial Partners will post 6.8 earnings per share for the current year.

Insider Activity

In related news, Director David B. Ingram sold 20,000 shares of the firm's stock in a transaction on Friday, December 6th. The stock was sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the completion of the transaction, the director now directly owns 92,565 shares of the company's stock, valued at $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 at this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the company's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the sale, the chief financial officer now owns 60,805 shares in the company, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,661 shares of company stock valued at $9,563,127 over the last quarter. 1.87% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

Several hedge funds and other institutional investors have recently bought and sold shares of PNFP. OneDigital Investment Advisors LLC raised its position in shares of Pinnacle Financial Partners by 1.3% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider's stock worth $651,000 after acquiring an additional 88 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Pinnacle Financial Partners by 0.6% in the third quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider's stock worth $1,761,000 after purchasing an additional 100 shares in the last quarter. Blue Trust Inc. lifted its stake in Pinnacle Financial Partners by 10.6% in the third quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider's stock valued at $129,000 after buying an additional 126 shares during the period. Strategic Blueprint LLC boosted its holdings in shares of Pinnacle Financial Partners by 3.4% during the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider's stock worth $394,000 after buying an additional 133 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Pinnacle Financial Partners by 16.5% during the 3rd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider's stock worth $97,000 after buying an additional 141 shares during the period. 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.