US Bancorp DE decreased its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) by 10.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,796 shares of the financial services provider’s stock after selling 660 shares during the period. US Bancorp DE’s holdings in Pinnacle Financial Partners were worth $640,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of PNFP. 1248 Management LLC acquired a new position in Pinnacle Financial Partners during the first quarter worth $29,000. Ameritas Advisory Services LLC acquired a new position in Pinnacle Financial Partners during the second quarter worth $45,000. Golden State Wealth Management LLC acquired a new position in Pinnacle Financial Partners during the first quarter worth $48,000. SVB Wealth LLC purchased a new stake in shares of Pinnacle Financial Partners in the first quarter valued at about $51,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Pinnacle Financial Partners in the first quarter valued at about $57,000. Institutional investors and hedge funds own 87.40% of the company’s stock.
Pinnacle Financial Partners Price Performance
PNFP opened at $87.02 on Monday. The firm has a market cap of $6.75 billion, a P/E ratio of 11.06 and a beta of 1.02. The firm has a 50-day moving average of $94.23 and a 200 day moving average of $100.44. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $131.91.
Analyst Ratings Changes
Several analysts have recently commented on PNFP shares. Barclays set a $120.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, October 8th. TD Cowen started coverage on shares of Pinnacle Financial Partners in a report on Thursday, September 25th. They issued a “buy” rating and a $122.00 target price for the company. UBS Group lowered their target price on shares of Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating for the company in a report on Tuesday, September 2nd. Jefferies Financial Group reiterated a “hold” rating and issued a $110.00 target price (down previously from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Finally, JPMorgan Chase & Co. increased their target price on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Six investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $110.27.
Check Out Our Latest Stock Report on Pinnacle Financial Partners
Insiders Place Their Bets
In other Pinnacle Financial Partners news, Director G Kennedy Thompson bought 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, for a total transaction of $856,500.00. Following the completion of the transaction, the director directly owned 28,372 shares of the company’s stock, valued at $2,430,061.80. This trade represents a 54.43% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Thomas C. Farnsworth III bought 1,000 shares of the business’s stock in a transaction on Friday, August 1st. The shares were acquired at an average price of $84.94 per share, with a total value of $84,940.00. Following the transaction, the director directly owned 28,277 shares of the company’s stock, 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 worth $1,047,079 over the last quarter. 1.46% of the stock is currently owned by company insiders.
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.
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