Patten & Patten Inc. TN Has $3.37 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Patten & Patten Inc. TN reduced its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,546 shares of the financial services provider’s stock after selling 872 shares during the period. Patten & Patten Inc. TN’s holdings in Pinnacle Financial Partners were worth $3,373,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Millennium Management LLC acquired a new stake in Pinnacle Financial Partners in the first quarter worth $77,207,000. Nuveen LLC acquired a new stake in Pinnacle Financial Partners in the first quarter worth $26,879,000. Junto Capital Management LP raised its holdings in Pinnacle Financial Partners by 28.7% in the first quarter. Junto Capital Management LP now owns 446,076 shares of the financial services provider’s stock worth $47,302,000 after purchasing an additional 99,495 shares during the period. AQR Capital Management LLC raised its holdings in Pinnacle Financial Partners by 309.4% in the first quarter. AQR Capital Management LLC now owns 129,514 shares of the financial services provider’s stock worth $13,473,000 after purchasing an additional 97,876 shares during the period. Finally, Wellington Management Group LLP raised its holdings in Pinnacle Financial Partners by 5.9% in the first quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider’s stock worth $168,873,000 after purchasing an additional 88,282 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Citigroup dropped their price objective on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Friday, July 25th. Cowen assumed coverage on shares of Pinnacle Financial Partners in a report on Wednesday, September 24th. They set a “buy” rating on the stock. JPMorgan Chase & Co. raised their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. TD Cowen assumed coverage on shares of Pinnacle Financial Partners in a report on Thursday, September 25th. They set a “buy” rating and a $122.00 price objective on the stock. Finally, UBS Group dropped their price objective on shares of Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating on the stock in a report on Tuesday, September 2nd. Six analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $112.00.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director G Kennedy Thompson acquired 10,000 shares of the business’s stock in a transaction on Friday, August 1st. The stock was purchased at an average price of $85.65 per share, with a total value of $856,500.00. Following the acquisition, the director directly owned 28,372 shares of the company’s stock, valued at approximately $2,430,061.80. This trade represents a 54.43% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas C. Farnsworth III acquired 1,000 shares of the business’s stock in a transaction on Friday, August 1st. The stock was acquired at an average cost of $84.94 per share, with a total value of $84,940.00. Following the acquisition, the director directly owned 28,277 shares in the company, valued at approximately $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 12,174 shares of company stock valued at $1,047,079 in the last quarter. Company insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $90.09 on Thursday. The firm has a 50-day moving average of $94.35 and a 200-day moving average of $100.69. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The company has a market cap of $6.99 billion, a PE ratio of 11.95 and a beta of 1.02. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, topping the consensus estimate of $2.05 by $0.22. The business had revenue of $544.80 million during the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. During the same quarter in the previous year, the firm posted $1.86 EPS. As a group, equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Company Profile

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.