Pinnacle Financial Partners (NASDAQ:PNFP) Price Target Increased to $120.00 by Analysts at JPMorgan Chase & Co.

Pinnacle Financial Partners (NASDAQ:PNFP) had its price target increased by stock analysts at JPMorgan Chase & Co. from $113.00 to $120.00 in a research note issued on Thursday, The Fly reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 17.94% from the stock’s current price.

Other research analysts also recently issued reports about the company. Zacks Investment Research downgraded Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Friday, October 1st. Truist raised their price objective on Pinnacle Financial Partners from $100.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, July 22nd. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Buy” and a consensus price target of $99.25.

Shares of Pinnacle Financial Partners stock opened at $101.75 on Thursday. Pinnacle Financial Partners has a 1 year low of $37.77 and a 1 year high of $103.90. The business has a 50-day moving average of $94.60 and a two-hundred day moving average of $91.05. The company has a market capitalization of $7.74 billion, a P/E ratio of 16.57 and a beta of 1.39. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Monday, October 11th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.55 by $0.20. The business had revenue of $341.64 million during the quarter, compared to the consensus estimate of $328.81 million. Pinnacle Financial Partners had a return on equity of 10.35% and a net margin of 34.35%. Pinnacle Financial Partners’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the company earned $1.45 earnings per share. On average, equities analysts anticipate that Pinnacle Financial Partners will post 6.35 EPS for the current fiscal year.

In related news, CAO Hugh M. Queener sold 843 shares of the company’s stock in a transaction that occurred on Wednesday, September 1st. The stock was sold at an average price of $95.41, for a total transaction of $80,430.63. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO M Terry Turner sold 79,340 shares of the business’s stock in a transaction that occurred on Monday, September 13th. The stock was sold at an average price of $94.27, for a total value of $7,479,381.80. Following the sale, the chief executive officer now directly owns 172,457 shares of the company’s stock, valued at $16,257,521.39. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Several large investors have recently made changes to their positions in PNFP. Koshinski Asset Management Inc. bought a new stake in shares of Pinnacle Financial Partners in the third quarter worth about $44,000. Berman Capital Advisors LLC lifted its holdings in Pinnacle Financial Partners by 37.6% in the third quarter. Berman Capital Advisors LLC now owns 534 shares of the financial services provider’s stock worth $49,000 after buying an additional 146 shares during the period. Carroll Financial Associates Inc. lifted its holdings in shares of Pinnacle Financial Partners by 12.9% during the third quarter. Carroll Financial Associates Inc. now owns 7,543 shares of the financial services provider’s stock valued at $709,000 after purchasing an additional 859 shares during the last quarter. Virtu Financial LLC purchased a new position in Pinnacle Financial Partners in the 2nd quarter worth approximately $201,000. Finally, Morgan Stanley raised its holdings in Pinnacle Financial Partners by 34.2% in the 2nd quarter. Morgan Stanley now owns 98,240 shares of the financial services provider’s stock worth $8,673,000 after acquiring an additional 25,025 shares during the last quarter. 80.67% of the stock is currently owned by hedge funds and other institutional investors.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.

See Also: Debt-To-Equity Ratio

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