Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Holdings Decreased by West Paces Advisors Inc.

West Paces Advisors Inc. reduced its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 16.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,500 shares of the financial services provider’s stock after selling 500 shares during the quarter. West Paces Advisors Inc.’s holdings in Pinnacle Financial Partners were worth $218,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bruce G. Allen Investments LLC bought a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at about $32,000. Emerald Advisers LLC bought a new stake in Pinnacle Financial Partners in the third quarter worth about $27,000. Fifth Third Bancorp raised its position in Pinnacle Financial Partners by 101.4% in the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 213 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Pinnacle Financial Partners in the third quarter worth about $28,000. Finally, ICA Group Wealth Management LLC bought a new stake in Pinnacle Financial Partners in the fourth quarter worth about $37,000. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Stock Down 1.1 %

Shares of NASDAQ PNFP traded down $0.84 during trading hours on Tuesday, hitting $78.95. The stock had a trading volume of 289,731 shares, compared to its average volume of 448,923. The company has a market capitalization of $6.09 billion, a P/E ratio of 11.04 and a beta of 1.08. The firm’s 50-day moving average price is $82.53 and its two-hundred day moving average price is $78.56. Pinnacle Financial Partners, Inc. has a 52 week low of $43.31 and a 52 week high of $92.33. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.67 by $0.01. The business had revenue of $396.34 million during the quarter, compared to analysts’ expectations of $416.97 million. Pinnacle Financial Partners had a return on equity of 9.78% and a net margin of 20.17%. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.76 EPS. Analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on PNFP. UBS Group dropped their price target on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, January 18th. Jefferies Financial Group cut their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Monday, April 8th. Barclays began coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price objective on the stock. Truist Financial boosted their price objective on Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Finally, Stephens restated an “overweight” rating and set a $108.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus price target of $92.57.

Insider Activity at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter sold 6,306 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at approximately $5,250,240.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Chairman Robert A. Mccabe, Jr. sold 6,331 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $87.43, for a total transaction of $553,519.33. Following the completion of the transaction, the chairman now directly owns 202,699 shares in the company, valued at $17,721,973.57. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the transaction, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,175 shares of company stock valued at $4,487,253. 1.87% of the stock is owned by corporate insiders.

About Pinnacle Financial Partners

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.