Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Parametric Portfolio Associates LLC

Parametric Portfolio Associates LLC lowered its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.1% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 202,041 shares of the financial services provider’s stock after selling 10,944 shares during the quarter. Parametric Portfolio Associates LLC’s holdings in Pinnacle Financial Partners were worth $17,838,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Pinnacle Financial Partners by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 6,778,377 shares of the financial services provider’s stock worth $598,463,000 after purchasing an additional 58,827 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Pinnacle Financial Partners by 0.9% in the second quarter. Price T Rowe Associates Inc. MD now owns 5,695,363 shares of the financial services provider’s stock worth $502,844,000 after acquiring an additional 50,236 shares in the last quarter. State Street Corp increased its position in shares of Pinnacle Financial Partners by 11.8% in the second quarter. State Street Corp now owns 3,308,590 shares of the financial services provider’s stock worth $292,115,000 after acquiring an additional 347,966 shares in the last quarter. Macquarie Group Ltd. increased its position in shares of Pinnacle Financial Partners by 1,676.0% in the second quarter. Macquarie Group Ltd. now owns 1,221,348 shares of the financial services provider’s stock worth $107,833,000 after acquiring an additional 1,152,578 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Pinnacle Financial Partners by 12.7% in the second quarter. The Manufacturers Life Insurance Company now owns 1,217,808 shares of the financial services provider’s stock worth $107,521,000 after acquiring an additional 137,599 shares in the last quarter. 80.45% of the stock is currently owned by institutional investors.

PNFP stock opened at $103.74 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.89 and a current ratio of 0.90. The stock has a market cap of $7.90 billion, a P/E ratio of 16.03 and a beta of 1.32. The firm has a 50 day simple moving average of $97.87 and a 200 day simple moving average of $93.41. Pinnacle Financial Partners, Inc. has a 52 week low of $53.86 and a 52 week high of $105.28.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, October 12th. The financial services provider reported $1.75 EPS for the quarter, topping the consensus estimate of $1.55 by $0.20. The business had revenue of $341.64 million during the quarter, compared to analysts’ expectations of $328.81 million. Pinnacle Financial Partners had a net margin of 35.58% and a return on equity of 10.62%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the company posted $1.45 earnings per share. Sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 6.61 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 26th. Shareholders of record on Friday, November 5th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date is Thursday, November 4th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 11.13%.

In other news, CAO Hugh M. Queener sold 26,527 shares of the business’s stock in a transaction on Monday, October 18th. The shares were sold at an average price of $100.94, for a total value of $2,677,635.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 10,000 shares of the business’s stock in a transaction on Monday, November 1st. The stock was sold at an average price of $97.80, for a total transaction of $978,000.00. The disclosure for this sale can be found here. Insiders sold 161,329 shares of company stock valued at $15,719,859 over the last quarter. Corporate insiders own 2.60% of the company’s stock.

Several research firms have recently weighed in on PNFP. Wells Fargo & Company lifted their target price on shares of Pinnacle Financial Partners from $120.00 to $145.00 and gave the stock an “overweight” rating in a research report on Thursday, November 11th. Truist lifted their target price on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, October 14th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research report on Friday, October 29th. Truist Securities lifted their target price on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, October 14th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Pinnacle Financial Partners from $113.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 14th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $108.33.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.

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Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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