JPMorgan Chase & Co. Initiates Coverage on Pinnacle Financial Partners (NASDAQ:PNFP)

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Analysts at JPMorgan Chase & Co. initiated coverage on shares of Pinnacle Financial Partners (NASDAQ:PNFP) in a research report issued on Wednesday, MarketBeat reports. The brokerage set a “neutral” rating and a $62.00 price target on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 10.69% from the company’s current price.

A number of other research firms also recently weighed in on PNFP. Stephens reissued a “hold” rating and set a $63.00 target price on shares of Pinnacle Financial Partners in a report on Monday. Zacks Investment Research cut Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research report on Friday, September 13th. Finally, BidaskClub upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $61.43.

PNFP opened at $56.01 on Wednesday. Pinnacle Financial Partners has a fifty-two week low of $43.23 and a fifty-two week high of $64.85. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market capitalization of $4.31 billion, a P/E ratio of 11.82, a P/E/G ratio of 0.77 and a beta of 1.43. The stock has a fifty day moving average of $54.45 and a 200-day moving average of $56.15.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.28 by $0.14. Pinnacle Financial Partners had a return on equity of 9.82% and a net margin of 30.46%. The company had revenue of $259.60 million during the quarter, compared to the consensus estimate of $252.44 million. During the same quarter last year, the firm earned $1.15 earnings per share. The company’s revenue was up 12.8% on a year-over-year basis. On average, equities research analysts predict that Pinnacle Financial Partners will post 5.28 earnings per share for the current fiscal year.

In related news, CFO Harold R. Carpenter sold 3,006 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $57.90, for a total value of $174,047.40. Following the transaction, the chief financial officer now owns 83,112 shares in the company, valued at $4,812,184.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Ronald L. Samuel sold 500 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $56.61, for a total value of $28,305.00. Following the completion of the transaction, the insider now owns 22,675 shares in the company, valued at approximately $1,283,631.75. The disclosure for this sale can be found here. Insiders sold 64,475 shares of company stock worth $3,674,396 in the last 90 days. 2.97% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in PNFP. Laurel Wealth Advisors LLC bought a new position in Pinnacle Financial Partners in the second quarter valued at about $33,000. CENTRAL TRUST Co grew its position in Pinnacle Financial Partners by 376.7% in the second quarter. CENTRAL TRUST Co now owns 715 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 565 shares during the last quarter. Prime Capital Investment Advisors LLC bought a new position in Pinnacle Financial Partners in the second quarter valued at about $68,000. Valeo Financial Advisors LLC grew its position in Pinnacle Financial Partners by 66.7% in the second quarter. Valeo Financial Advisors LLC now owns 1,197 shares of the financial services provider’s stock valued at $69,000 after acquiring an additional 479 shares during the last quarter. Finally, Gradient Investments LLC bought a new position in Pinnacle Financial Partners in the second quarter valued at about $79,000. Hedge funds and other institutional investors own 79.68% of the company’s stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.

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Analyst Recommendations for Pinnacle Financial Partners (NASDAQ:PNFP)

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