JPMorgan Chase & Co. Cuts Pinnacle Financial Partners (NYSE:PNFP) Price Target to $120.00

Pinnacle Financial Partners (NYSE:PNFP) had its price objective decreased by JPMorgan Chase & Co. from $125.00 to $120.00 in a research note released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other equities research analysts have also recently commented on PNFP. Benchmark reduced their price objective on Pinnacle Financial Partners from $132.00 to $125.00 and set a “buy” rating for the company in a research note on Friday. Barclays cut their target price on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. TD Cowen reduced their price target on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Evercore restated an “outperform” rating and set a $120.00 price target on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Finally, Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $116.65.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $102.53 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The stock’s 50-day moving average is $97.90. The company has a market cap of $7.95 billion, a PE ratio of 14.08, a PEG ratio of 0.41 and a beta of 1.04. Pinnacle Financial Partners has a 1 year low of $81.08 and a 1 year high of $107.00.

Pinnacle Financial Partners (NYSE:PNFP) last issued its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. On average, analysts anticipate that Pinnacle Financial Partners will post 10.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Processus Wealth & Capital Management LLC purchased a new stake in Pinnacle Financial Partners during the second quarter worth about $721,000. Ballast Inc. purchased a new position in Pinnacle Financial Partners in the second quarter valued at about $393,000. Handelsbanken Fonder AB boosted its stake in Pinnacle Financial Partners by 27.0% in the second quarter. Handelsbanken Fonder AB now owns 235,281 shares of the company’s stock valued at $23,735,000 after acquiring an additional 50,000 shares during the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Pinnacle Financial Partners during the 2nd quarter valued at approximately $465,000. Finally, Gradient Investments LLC grew its position in shares of Pinnacle Financial Partners by 10.6% during the 2nd quarter. Gradient Investments LLC now owns 46,256 shares of the company’s stock valued at $4,666,000 after acquiring an additional 4,436 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.