Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) had its price target reduced by equities researchers at JPMorgan Chase & Co. from $110.00 to $108.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 31.95% from the company’s previous close.
Several other analysts have also issued reports on the company. Hovde Group lowered their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research note on Tuesday. UBS Group lowered their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, January 18th. Jefferies Financial Group lowered their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. Truist Financial boosted their target price on Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Finally, Barclays started coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They set an “equal weight” rating and a $93.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus price target of $96.13.
Check Out Our Latest Research Report on PNFP
Pinnacle Financial Partners Stock Performance
Insider Transactions at Pinnacle Financial Partners
In other news, Chairman Richard D. Callicutt II sold 11,030 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $906,886.60. Following the completion of the transaction, the chairman now directly owns 97,226 shares in the company, valued at approximately $7,993,921.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Chairman Richard D. Callicutt II sold 11,030 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $906,886.60. Following the completion of the sale, the chairman now directly owns 97,226 shares in the company, valued at approximately $7,993,921.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO M Terry Turner sold 24,057 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $1,977,966.54. Following the sale, the chief executive officer now owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The disclosure for this sale can be found here. In the last three months, insiders sold 47,844 shares of company stock worth $3,933,734. 1.87% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the business. Rise Advisors LLC bought a new position in shares of Pinnacle Financial Partners in the 1st quarter worth approximately $26,000. Bruce G. Allen Investments LLC purchased a new stake in Pinnacle Financial Partners during the 4th quarter valued at $32,000. Emerald Advisers LLC purchased a new stake in Pinnacle Financial Partners during the 3rd quarter valued at $27,000. Fifth Third Bancorp boosted its stake in Pinnacle Financial Partners by 101.4% during the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 213 shares during the last quarter. Finally, ICA Group Wealth Management LLC purchased a new stake in Pinnacle Financial Partners during the 4th quarter valued at $44,000. Institutional investors 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.
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