RiverPark Advisors LLC Sells 937 Shares of Pinnacle Financial Partners, Inc. $PNFP

RiverPark Advisors LLC trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 49.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 942 shares of the financial services provider’s stock after selling 937 shares during the period. RiverPark Advisors LLC’s holdings in Pinnacle Financial Partners were worth $104,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Pinnacle Financial Partners during the first quarter valued at approximately $3,659,000. Cetera Investment Advisers increased its position in shares of Pinnacle Financial Partners by 36.1% during the first quarter. Cetera Investment Advisers now owns 16,725 shares of the financial services provider’s stock worth $1,774,000 after purchasing an additional 4,435 shares in the last quarter. HB Wealth Management LLC lifted its holdings in shares of Pinnacle Financial Partners by 46.8% during the 1st quarter. HB Wealth Management LLC now owns 4,734 shares of the financial services provider’s stock valued at $502,000 after purchasing an additional 1,510 shares during the last quarter. TD Asset Management Inc boosted its position in shares of Pinnacle Financial Partners by 1.1% in the 1st quarter. TD Asset Management Inc now owns 41,574 shares of the financial services provider’s stock worth $4,409,000 after purchasing an additional 468 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Pinnacle Financial Partners by 2.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,848 shares of the financial services provider’s stock worth $2,211,000 after buying an additional 463 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $92.75 on Wednesday. The business’s 50-day moving average is $89.72 and its two-hundred day moving average is $98.57. The company has a market capitalization of $7.20 billion, a P/E ratio of 11.79 and a beta of 1.12. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $130.31. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $544.80 million during the quarter, compared to analyst estimates of $526.40 million. During the same period in the previous year, the firm earned $1.86 EPS. Research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 7th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio is presently 12.20%.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of research analyst reports. Truist Financial decreased their price target on Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, October 17th. Stephens lowered their target price on shares of Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating for the company in a research note on Friday, October 17th. Keefe, Bruyette & Woods cut their price target on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 13th. Cowen initiated coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 24th. They set a “buy” rating for the company. Finally, UBS Group cut their target price on Pinnacle Financial Partners from $104.00 to $95.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Six investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $109.55.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director G Kennedy Thompson acquired 5,000 shares of the company’s stock in a transaction on Monday, October 20th. The shares were bought at an average cost of $87.63 per share, with a total value of $438,150.00. Following the completion of the acquisition, the director owned 33,372 shares in the company, valued at approximately $2,924,388.36. This trade represents a 17.62% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.46% of the stock is owned by company insiders.

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.