JPMorgan Chase & Co. Issues Pessimistic Forecast for Pinnacle Financial Partners (NYSE:PNFP) Stock Price

Pinnacle Financial Partners (NYSE:PNFP) had its price objective reduced by investment analysts at JPMorgan Chase & Co. from $125.00 to $120.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 18.36% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. Truist Financial increased their price objective on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Robert W. Baird started coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price target for the company. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Benchmark decreased their price target on shares of Pinnacle Financial Partners from $132.00 to $125.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Piper Sandler raised their price target on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and a consensus price target of $116.28.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock traded up $1.58 during trading on Friday, reaching $101.39. The company’s stock had a trading volume of 683,906 shares, compared to its average volume of 1,476,532. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a fifty day moving average price of $97.73. The company has a market cap of $7.86 billion, a price-to-earnings ratio of 13.91, a price-to-earnings-growth ratio of 0.39 and a beta of 1.04. Pinnacle Financial Partners has a one year low of $81.08 and a one year high of $107.00.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 12.42% and a net margin of 15.40%.The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Sell-side analysts anticipate that Pinnacle Financial Partners will post 10.18 EPS for the current year.

Institutional Inflows and Outflows

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

About Pinnacle Financial Partners

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.