Cerity Partners LLC Has $2.65 Million Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Cerity Partners LLC lowered its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 24.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,022 shares of the financial services provider’s stock after selling 8,009 shares during the quarter. Cerity Partners LLC’s holdings in Pinnacle Financial Partners were worth $2,653,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Golden State Wealth Management LLC bought a new stake in Pinnacle Financial Partners during the first quarter worth approximately $48,000. Kapitalo Investimentos Ltda bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth $78,000. UMB Bank n.a. boosted its holdings in shares of 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 buying an additional 122 shares during the period. GAMMA Investing LLC grew its stake in Pinnacle Financial Partners by 51.7% in the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider’s stock valued at $171,000 after buying an additional 551 shares during the last quarter. Finally, Blair William & Co. IL bought a new position in Pinnacle Financial Partners in the 4th quarter worth $200,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $117.04 on Friday. The stock has a market capitalization of $9.08 billion, a PE ratio of 15.52 and a beta of 1.01. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.89. The company has a 50 day moving average price of $110.15 and a 200 day moving average price of $109.44. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.92 by $0.08. The company had revenue of $504.99 million during the quarter, compared to analysts’ expectations of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. Pinnacle Financial Partners’s revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.63 EPS. Analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle Financial Partners’s dividend payout ratio is presently 12.73%.

Analyst Ratings Changes

Several brokerages have recently issued reports on PNFP. Keefe, Bruyette & Woods raised their price objective on shares of Pinnacle Financial Partners from $115.00 to $130.00 and gave the stock a “market perform” rating in a research note on Thursday. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $105.00 to $125.00 and gave the company an “equal weight” rating in a research report on Thursday, July 10th. Citigroup lifted their target price on Pinnacle Financial Partners from $134.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Hovde Group raised Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price target for the company in a report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus price target of $129.60.

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.