Envestnet Asset Management Inc. Has $24.93 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Envestnet Asset Management Inc. lowered its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 227,273 shares of the financial services provider’s stock after selling 5,792 shares during the quarter. Envestnet Asset Management Inc. owned 0.29% of Pinnacle Financial Partners worth $24,929,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in PNFP. Jefferies Financial Group Inc. bought a new stake in Pinnacle Financial Partners in the first quarter valued at approximately $850,000. Golden State Wealth Management LLC bought a new stake in Pinnacle Financial Partners in the first quarter valued at approximately $48,000. M&T Bank Corp boosted its holdings in Pinnacle Financial Partners by 9.0% in the first quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider’s stock valued at $868,000 after acquiring an additional 674 shares during the last quarter. Trexquant Investment LP boosted its holdings in Pinnacle Financial Partners by 27.4% in the first quarter. Trexquant Investment LP now owns 23,183 shares of the financial services provider’s stock valued at $2,458,000 after acquiring an additional 4,989 shares during the last quarter. Finally, CWM LLC boosted its holdings in Pinnacle Financial Partners by 475.2% in the first quarter. CWM LLC now owns 3,526 shares of the financial services provider’s stock valued at $374,000 after acquiring an additional 2,913 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $85.71 on Tuesday. Pinnacle Financial Partners, Inc. has a 12-month low of $81.57 and a 12-month high of $131.91. The business’s fifty day moving average is $92.78 and its 200 day moving average is $100.12. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33. The stock has a market cap of $6.65 billion, a P/E ratio of 10.89 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.The company had revenue of $544.80 million for the quarter, compared to analysts’ expectations of $526.40 million. During the same period last year, the business earned $1.86 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, November 7th. This represents a $0.96 annualized dividend and a yield of 1.1%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.20%.

Insiders Place Their Bets

In related news, Director G Kennedy Thompson acquired 5,000 shares of the company’s stock in a transaction on Monday, October 20th. The shares were acquired at an average cost of $87.63 per share, for a total transaction of $438,150.00. Following the purchase, the director owned 33,372 shares in the company, valued at approximately $2,924,388.36. The trade was a 17.62% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. UBS Group cut their price target on Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating on the stock in a report on Tuesday, September 2nd. Jefferies Financial Group restated a “hold” rating and set a $110.00 price target (down from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Weiss Ratings restated a “hold (c)” rating on shares of Pinnacle Financial Partners in a report on Friday. Barclays set a $120.00 price target on Pinnacle Financial Partners in a report on Wednesday, October 8th. Finally, Stephens cut their price target on Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. Six analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus price target of $110.27.

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.