Ameritas Advisory Services LLC Makes New $45,000 Investment in Pinnacle Financial Partners, Inc. $PNFP

Ameritas Advisory Services LLC bought a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 410 shares of the financial services provider’s stock, valued at approximately $45,000.

Several other large investors have also made changes to their positions in PNFP. 1248 Management LLC purchased a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at $29,000. Golden State Wealth Management LLC acquired a new stake in Pinnacle Financial Partners in the 1st quarter valued at $48,000. SVB Wealth LLC acquired a new stake in Pinnacle Financial Partners in the 1st quarter valued at $51,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Pinnacle Financial Partners in the first quarter valued at about $57,000. Finally, Brooklyn Investment Group grew its stake in shares of Pinnacle Financial Partners by 15.3% in the first quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider’s stock valued at $88,000 after buying an additional 110 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Harold R. Carpenter bought 1,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, July 31st. The stock was acquired at an average cost of $89.73 per share, with a total value of $89,730.00. Following the completion of the acquisition, the chief financial officer directly owned 105,050 shares in the company, valued at approximately $9,426,136.50. This trade represents a 0.96% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director G Kennedy Thompson bought 10,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, August 1st. The shares were bought at an average cost of $85.65 per share, with a total value of $856,500.00. Following the completion of the acquisition, the director owned 28,372 shares of the company’s stock, valued at $2,430,061.80. The trade was a 54.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 12,174 shares of company stock worth $1,047,079 over the last 90 days. 1.46% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $88.59 on Tuesday. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The firm has a market capitalization of $6.87 billion, a PE ratio of 11.75 and a beta of 1.02. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. The business’s fifty day moving average price is $94.29 and its two-hundred day moving average price is $100.83.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.92 by $0.08. The company had revenue of $504.99 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.63 EPS. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Analyst Upgrades and Downgrades

PNFP has been the subject of several recent analyst reports. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Jefferies Financial Group reissued a “hold” rating and set a $110.00 price target (down previously from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. TD Cowen began coverage on shares of Pinnacle Financial Partners in a research report on Thursday, September 25th. They set a “buy” rating and a $122.00 price target for the company. JPMorgan Chase & Co. raised their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Finally, Truist Financial decreased their price target on Pinnacle Financial Partners from $111.00 to $107.00 and set a “buy” rating for the company in a research note on Wednesday, September 24th. Six investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus target price of $112.00.

Pinnacle Financial Partners Company 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.