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.
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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