Cetera Investment Advisers Has $1.41 Million Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Cetera Investment Advisers increased its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 25.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,290 shares of the financial services provider’s stock after purchasing an additional 2,502 shares during the period. Cetera Investment Advisers’ holdings in Pinnacle Financial Partners were worth $1,406,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Barclays PLC boosted its stake in shares of Pinnacle Financial Partners by 117.0% during the 3rd quarter. Barclays PLC now owns 167,838 shares of the financial services provider’s stock worth $16,442,000 after buying an additional 90,478 shares during the last quarter. HB Wealth Management LLC boosted its stake in shares of Pinnacle Financial Partners by 27.5% during the 4th quarter. HB Wealth Management LLC now owns 3,224 shares of the financial services provider’s stock worth $369,000 after buying an additional 696 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Pinnacle Financial Partners by 48.1% during the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock worth $84,000 after buying an additional 239 shares during the last quarter. Ballentine Partners LLC acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth about $228,000. Finally, Crossmark Global Holdings Inc. boosted its stake in shares of Pinnacle Financial Partners by 3.6% during the 4th quarter. Crossmark Global Holdings Inc. now owns 6,084 shares of the financial services provider’s stock worth $696,000 after buying an additional 210 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Down 3.8%

Pinnacle Financial Partners stock opened at $105.69 on Thursday. The stock has a market cap of $8.20 billion, a P/E ratio of 17.67 and a beta of 1.00. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The company’s 50-day moving average price is $101.58 and its two-hundred day moving average price is $112.41.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.08. The firm had revenue of $475.37 million for the quarter, compared to analysts’ expectations of $478.11 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same period in the prior year, the firm earned $1.53 EPS. As a group, analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be issued a $0.24 dividend. The ex-dividend date is Friday, May 2nd. This represents a $0.96 annualized dividend and a yield of 0.91%. Pinnacle Financial Partners’s dividend payout ratio is currently 15.53%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Truist Financial assumed coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 13th. They set a “buy” rating and a $123.00 price objective for the company. Wells Fargo & Company reduced their price objective on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. Keefe, Bruyette & Woods dropped their target price on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating on the stock in a report on Thursday, April 17th. JPMorgan Chase & Co. dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, Jefferies Financial Group started coverage on shares of Pinnacle Financial Partners in a report on Wednesday. They issued a “buy” rating and a $135.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average price target of $121.27.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CEO M Terry Turner sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the transaction, the chief executive officer now directly owns 254,552 shares of the company’s stock, valued at approximately $25,615,567.76. This trade represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Glenda Baskin Glover sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $101.55, for a total transaction of $304,650.00. Following the transaction, the director now directly owns 9,943 shares in the company, valued at $1,009,711.65. This represents a 23.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 45,041 shares of company stock valued at $5,062,386 in the last three months. 1.46% 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.