West Paces Advisors Inc. Lowers Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

West Paces Advisors Inc. lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 16.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,500 shares of the financial services provider’s stock after selling 500 shares during the period. West Paces Advisors Inc.’s holdings in Pinnacle Financial Partners were worth $218,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of PNFP. Emerald Advisers LLC purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $27,000. International Assets Investment Management LLC purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $28,000. Fifth Third Bancorp lifted its position in shares of Pinnacle Financial Partners by 101.4% in the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 213 shares during the period. Bruce G. Allen Investments LLC purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $32,000. Finally, Nomura Asset Management Co. Ltd. lifted its position in shares of Pinnacle Financial Partners by 57.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 200 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP traded down $0.84 during midday trading on Tuesday, reaching $78.95. The company’s stock had a trading volume of 289,731 shares, compared to its average volume of 448,923. The firm has a market capitalization of $6.09 billion, a PE ratio of 11.04 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a twelve month low of $43.31 and a twelve month high of $92.33. The stock has a fifty day moving average of $82.53 and a 200 day moving average of $78.56. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.44.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.67 by $0.01. The firm had revenue of $396.34 million for the quarter, compared to analyst estimates of $416.97 million. Pinnacle Financial Partners had a net margin of 20.17% and a return on equity of 9.78%. The business’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.76 earnings per share. On average, equities analysts expect that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current fiscal year.

Analysts Set New Price Targets

PNFP has been the subject of several recent analyst reports. Barclays initiated coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They set an “equal weight” rating and a $93.00 price objective for the company. Stephens reiterated an “overweight” rating and set a $108.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 17th. UBS Group reduced their price objective on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, January 18th. Jefferies Financial Group reduced their price objective on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, April 8th. Finally, Truist Financial upped their price target on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a “buy” rating in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $92.57.

Insider Transactions at Pinnacle Financial Partners

In other news, CEO M Terry Turner sold 24,057 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $1,977,966.54. Following the sale, the chief executive officer now owns 294,790 shares in the company, valued at $24,237,633.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO M Terry Turner sold 24,057 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the sale, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard D. Callicutt II sold 11,030 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $906,886.60. Following the sale, the chairman now directly owns 97,226 shares in the company, valued at $7,993,921.72. The disclosure for this sale can be found here. Insiders have sold 54,175 shares of company stock worth $4,487,253 over the last 90 days. 1.87% of the stock is currently owned by company insiders.

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.