Avantax Advisory Services Inc. Sells 382 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Avantax Advisory Services Inc. cut its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 8.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,074 shares of the financial services provider’s stock after selling 382 shares during the period. Avantax Advisory Services Inc.’s holdings in Pinnacle Financial Partners were worth $432,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PNFP. Utah Retirement Systems boosted its stake in shares of Pinnacle Financial Partners by 2.5% during the fourth quarter. Utah Retirement Systems now owns 4,090 shares of the financial services provider’s stock valued at $468,000 after purchasing an additional 100 shares during the period. KLP Kapitalforvaltning AS increased its stake in shares of Pinnacle Financial Partners by 0.6% in the first quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider’s stock worth $1,675,000 after buying an additional 100 shares during the period. Cahaba Wealth Management Inc. raised its holdings in Pinnacle Financial Partners by 1.7% during the 4th quarter. Cahaba Wealth Management Inc. now owns 6,625 shares of the financial services provider’s stock valued at $758,000 after buying an additional 113 shares during the last quarter. Parallel Advisors LLC raised its holdings in Pinnacle Financial Partners by 5.7% during the 1st quarter. Parallel Advisors LLC now owns 2,143 shares of the financial services provider’s stock valued at $227,000 after buying an additional 116 shares during the last quarter. Finally, Legacy Financial Advisors Inc. boosted its position in Pinnacle Financial Partners by 5.3% during the 4th quarter. Legacy Financial Advisors Inc. now owns 2,414 shares of the financial services provider’s stock valued at $276,000 after buying an additional 122 shares during the period. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.1%

Shares of NASDAQ:PNFP opened at $89.67 on Thursday. The firm has a market capitalization of $6.95 billion, a P/E ratio of 11.89 and a beta of 1.03. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89. The stock has a 50 day moving average price of $106.79 and a 200-day moving average price of $107.69. Pinnacle Financial Partners, Inc. has a 52-week low of $81.57 and a 52-week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.08. The company had revenue of $504.99 million for 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%. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.63 earnings per share. As a group, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.73%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director G Kennedy Thompson acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $85.65 per share, with a total value of $856,500.00. Following the completion of the purchase, the director directly owned 28,372 shares of the company’s stock, valued at approximately $2,430,061.80. The trade was a 54.43% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Harold R. Carpenter bought 1,000 shares of the firm’s stock in a transaction on Thursday, July 31st. The shares were acquired at an average cost of $89.73 per share, with a total value of $89,730.00. Following the purchase, the chief financial officer directly owned 105,050 shares of the company’s stock, valued at approximately $9,426,136.50. This represents a 0.96% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 12,174 shares of company stock valued at $1,047,079 in the last three months. Company insiders own 1.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PNFP shares. Stephens decreased their price objective on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 29th. Jefferies Financial Group reissued a “hold” rating and issued a $110.00 target price (down from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. Hovde Group lowered Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Wells Fargo & Company dropped their price objective on Pinnacle Financial Partners from $125.00 to $110.00 and set an “equal weight” rating for the company in a report on Friday, July 25th. Finally, Citigroup cut their price objective on Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating on the stock in a research report on Friday, July 25th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $118.30.

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.