RiverPark Advisors LLC Decreases Stock Holdings in Pinnacle Financial Partners, Inc. $PNFP

RiverPark Advisors LLC cut its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 49.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 942 shares of the financial services provider’s stock after selling 937 shares during the quarter. RiverPark Advisors LLC’s holdings in Pinnacle Financial Partners were worth $104,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Pinnacle Financial Partners in the 1st quarter worth $3,659,000. Cetera Investment Advisers lifted its holdings in shares of Pinnacle Financial Partners by 36.1% in the 1st quarter. Cetera Investment Advisers now owns 16,725 shares of the financial services provider’s stock valued at $1,774,000 after acquiring an additional 4,435 shares during the last quarter. HB Wealth Management LLC lifted its holdings in shares of Pinnacle Financial Partners by 46.8% in the 1st quarter. HB Wealth Management LLC now owns 4,734 shares of the financial services provider’s stock valued at $502,000 after acquiring an additional 1,510 shares during the last quarter. TD Asset Management Inc grew its position in Pinnacle Financial Partners by 1.1% in the first quarter. TD Asset Management Inc now owns 41,574 shares of the financial services provider’s stock worth $4,409,000 after acquiring an additional 468 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Pinnacle Financial Partners by 2.3% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,848 shares of the financial services provider’s stock worth $2,211,000 after acquiring an additional 463 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 2.9%

Shares of NASDAQ PNFP opened at $92.75 on Wednesday. The stock has a 50 day moving average price of $89.72 and a 200 day moving average price of $98.57. The firm has a market capitalization of $7.20 billion, a price-to-earnings ratio of 11.79 and a beta of 1.12. Pinnacle Financial Partners, Inc. has a 52-week low of $81.57 and a 52-week high of $130.31. 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 (NASDAQ:PNFP) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share 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 analysts’ expectations of $526.40 million. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.During the same period in the prior year, the business earned $1.86 EPS. Sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 7th will be issued a $0.24 dividend. The ex-dividend date is Friday, November 7th. This represents a $0.96 annualized dividend and a dividend yield of 1.0%. Pinnacle Financial Partners’s payout ratio is currently 12.20%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PNFP shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Pinnacle Financial Partners in a research note on Friday, October 31st. Cowen started coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, September 24th. They set a “buy” rating on the stock. Wells Fargo & Company lowered their target price on shares of Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating for the company in a report on Friday, October 17th. Barclays upped their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, November 11th. Finally, TD Cowen initiated coverage on shares of Pinnacle Financial Partners in a research note on Thursday, September 25th. They issued a “buy” rating and a $122.00 price objective for the company. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $109.55.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director G Kennedy Thompson purchased 5,000 shares of the stock in a transaction dated Monday, October 20th. The stock was purchased at an average price of $87.63 per share, with a total value of $438,150.00. Following the transaction, the director owned 33,372 shares of the company’s stock, valued at approximately $2,924,388.36. This trade represents a 17.62% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners 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.