Pinnacle Financial Partners, Inc. $PNFP Shares Sold by HHM Wealth Advisors LLC

HHM Wealth Advisors LLC reduced its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 52.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,144 shares of the financial services provider’s stock after selling 6,795 shares during the period. HHM Wealth Advisors LLC’s holdings in Pinnacle Financial Partners were worth $678,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. 1248 Management LLC purchased a new stake in Pinnacle Financial Partners during the 1st quarter worth approximately $29,000. Spurstone Advisory Services LLC acquired a new stake in shares of Pinnacle Financial Partners during the second quarter worth approximately $41,000. Ameritas Advisory Services LLC bought a new stake in shares of Pinnacle Financial Partners in the second quarter worth $45,000. True Wealth Design LLC raised its holdings in Pinnacle Financial Partners by 1,778.3% in the second quarter. True Wealth Design LLC now owns 432 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 409 shares in the last quarter. Finally, SVB Wealth LLC bought a new position in Pinnacle Financial Partners during the 1st quarter valued at $51,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Barclays increased their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 11th. Stephens lowered their price target on Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating for the company in a report on Friday, October 17th. Jefferies Financial Group restated a “hold” rating and set a $110.00 price objective (down from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. Weiss Ratings reissued a “hold (c)” rating on shares of Pinnacle Financial Partners in a report on Friday, October 31st. Finally, Citigroup lowered their price objective on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, July 25th. Six research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $109.55.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director G Kennedy Thompson acquired 5,000 shares of the stock in a transaction dated Monday, October 20th. The shares were bought at an average price of $87.63 per share, with a total value of $438,150.00. Following the purchase, the director directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $86.23 on Wednesday. The stock has a market cap of $6.69 billion, a P/E ratio of 10.96 and a beta of 1.12. The firm’s 50-day simple moving average is $90.42 and its 200 day simple moving average is $99.13. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $131.91. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. The firm had revenue of $544.80 million during the quarter, compared to analyst estimates of $526.40 million. During the same quarter in the prior year, the firm posted $1.86 EPS. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Friday, November 7th. Pinnacle Financial Partners’s payout ratio is presently 12.20%.

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.