HHM Wealth Advisors LLC Has $678,000 Holdings in Pinnacle Financial Partners, Inc. $PNFP

HHM Wealth Advisors LLC trimmed its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 52.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,144 shares of the financial services provider’s stock after selling 6,795 shares during the quarter. HHM Wealth Advisors LLC’s holdings in Pinnacle Financial Partners were worth $678,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PNFP. Wellington Management Group LLP boosted its stake in Pinnacle Financial Partners by 5.9% in the 1st quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider’s stock worth $168,873,000 after purchasing an additional 88,282 shares during the period. Fenimore Asset Management Inc raised its stake in Pinnacle Financial Partners by 2.2% during the 2nd quarter. Fenimore Asset Management Inc now owns 1,076,968 shares of the financial services provider’s stock valued at $118,908,000 after purchasing an additional 23,552 shares during the period. Azora Capital LP lifted its holdings in shares of Pinnacle Financial Partners by 9.2% in the first quarter. Azora Capital LP now owns 998,474 shares of the financial services provider’s stock valued at $105,878,000 after purchasing an additional 84,538 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Pinnacle Financial Partners by 2.0% in the first quarter. The Manufacturers Life Insurance Company now owns 978,564 shares of the financial services provider’s stock worth $103,767,000 after buying an additional 18,807 shares during the period. Finally, Millennium Management LLC purchased a new position in shares of Pinnacle Financial Partners during the first quarter valued at $77,207,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 2.1%

Shares of Pinnacle Financial Partners stock opened at $86.23 on Wednesday. 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 50 day moving average price of $90.42 and a two-hundred day moving average price of $99.13. The stock has a market capitalization of $6.69 billion, a P/E ratio of 10.96 and a beta of 1.12. Pinnacle Financial Partners, Inc. has a 12-month low of $81.57 and a 12-month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. The company had revenue of $544.80 million during the quarter, compared to analysts’ expectations of $526.40 million. During the same period in the prior year, the company earned $1.86 earnings per share. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

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

Insiders Place Their Bets

In related news, Director G Kennedy Thompson purchased 5,000 shares of the firm’s stock in a transaction on Monday, October 20th. The shares were bought at an average cost of $87.63 per share, for a total transaction of $438,150.00. Following the transaction, the director directly owned 33,372 shares of the company’s stock, valued at approximately $2,924,388.36. This trade represents a 17.62% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.46% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PNFP shares. Citigroup decreased their price objective on Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, July 25th. Stephens lowered their price objective on shares of Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating on the stock in a research report on Friday, October 17th. TD Cowen assumed coverage on shares of Pinnacle Financial Partners in a research note on Thursday, September 25th. They issued a “buy” rating and a $122.00 price target on the stock. Hovde Group lowered shares of Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Finally, Truist Financial decreased their target price on shares of Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, October 17th. Six analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $109.55.

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.