Pinnacle Financial Partners (NYSE:PNFP) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Pinnacle Financial Partners (NYSE:PNFP) had its price objective boosted by research analysts at JPMorgan Chase & Co. from $105.00 to $120.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 23.18% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Piper Sandler upped their price target on Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 28th. Deutsche Bank Aktiengesellschaft set a $116.00 price objective on Pinnacle Financial Partners and gave the company a “buy” rating in a research note on Wednesday, January 21st. TD Cowen upgraded Pinnacle Financial Partners to a “strong-buy” rating in a research note on Monday, April 13th. DA Davidson initiated coverage on Pinnacle Financial Partners in a research note on Monday, January 5th. They set a “neutral” rating and a $110.00 price objective for the company. Finally, Citigroup lifted their price objective on Pinnacle Financial Partners from $118.00 to $122.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average target price of $113.81.

Pinnacle Financial Partners Price Performance

PNFP stock traded down $1.66 during midday trading on Friday, hitting $97.42. The stock had a trading volume of 455,983 shares, compared to its average volume of 1,623,723. The stock has a market cap of $7.56 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 0.32 and a beta of 1.00. Pinnacle Financial Partners has a 52-week low of $81.08 and a 52-week high of $120.46. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.09. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Pinnacle Financial Partners had a return on equity of 13.48% and a net margin of 15.02%. Research analysts expect that Pinnacle Financial Partners will post 10.27 EPS for the current fiscal year.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory purchased 1,000 shares of the firm’s stock in a transaction dated Thursday, February 12th. The stock was purchased at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the completion of the purchase, the chief financial officer directly owned 49,485 shares of the company’s stock, valued at $4,677,322.20. This trade represents a 2.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.46% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Brown Brothers Harriman & Co. purchased a new position in shares of Pinnacle Financial Partners in the third quarter worth $26,000. High Point Wealth Management LLC purchased a new position in shares of Pinnacle Financial Partners in the fourth quarter worth $27,000. BOKF NA raised its stake in shares of Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after purchasing an additional 265 shares during the last quarter. Activest Wealth Management purchased a new position in shares of Pinnacle Financial Partners in the fourth quarter worth $28,000. Finally, Covestor Ltd raised its stake in shares of Pinnacle Financial Partners by 193.9% in the third quarter. Covestor Ltd now owns 338 shares of the company’s stock worth $32,000 after purchasing an additional 223 shares during the last quarter. 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.