Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock Position Reduced by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. cut its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 73.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 412 shares of the financial services provider’s stock after selling 1,115 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Pinnacle Financial Partners were worth $44,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of PNFP. Kapitalo Investimentos Ltda acquired a new position in Pinnacle Financial Partners during the 4th quarter valued at $78,000. UMB Bank n.a. grew its holdings in Pinnacle Financial Partners by 16.6% during the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider’s stock worth $91,000 after acquiring an additional 122 shares during the last quarter. Principal Securities Inc. lifted its position in Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after purchasing an additional 91 shares during the period. Blair William & Co. IL acquired a new position in Pinnacle Financial Partners during the 4th quarter valued at about $200,000. Finally, Objectivity Squared LLC acquired a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at approximately $201,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $102.06 on Monday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The business’s fifty day moving average is $103.01 and its 200 day moving average is $110.36. Pinnacle Financial Partners, Inc. has a 12-month low of $74.33 and a 12-month high of $131.91. The stock has a market cap of $7.92 billion, a P/E ratio of 17.07 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. During the same period last year, the firm posted $1.53 EPS. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 2nd were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.94%. The ex-dividend date was Friday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 15.53%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods lowered their target price on Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating for the company in a research note on Thursday, April 17th. Jefferies Financial Group assumed coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, May 21st. They issued a “buy” rating and a $135.00 target price for the company. Hovde Group raised shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price objective for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their target price on Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Finally, Wells Fargo & Company decreased their target price on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $121.27.

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.