Envestnet Asset Management Inc. Has $13.69 Million Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Envestnet Asset Management Inc. lowered its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Get Rating) by 2.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 186,526 shares of the financial services provider’s stock after selling 5,491 shares during the period. Envestnet Asset Management Inc.’s holdings in Pinnacle Financial Partners were worth $13,691,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Arizona State Retirement System increased its holdings in Pinnacle Financial Partners by 0.6% during the 3rd quarter. Arizona State Retirement System now owns 20,758 shares of the financial services provider’s stock worth $1,683,000 after purchasing an additional 125 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Pinnacle Financial Partners by 9.2% in the 3rd quarter. IFP Advisors Inc now owns 1,536 shares of the financial services provider’s stock valued at $98,000 after acquiring an additional 129 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Pinnacle Financial Partners by 0.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 20,040 shares of the financial services provider’s stock valued at $1,449,000 after acquiring an additional 145 shares in the last quarter. Oregon Public Employees Retirement Fund grew its holdings in shares of Pinnacle Financial Partners by 0.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 22,478 shares of the financial services provider’s stock valued at $1,650,000 after acquiring an additional 174 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its holdings in shares of Pinnacle Financial Partners by 1.0% in the 4th quarter. Louisiana State Employees Retirement System now owns 20,500 shares of the financial services provider’s stock valued at $1,505,000 after acquiring an additional 200 shares in the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PNFP shares. Keefe, Bruyette & Woods decreased their price objective on Pinnacle Financial Partners from $90.00 to $80.00 and set an “outperform” rating for the company in a report on Thursday, April 6th. StockNews.com upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Wednesday, March 22nd. Truist Financial decreased their price objective on Pinnacle Financial Partners from $85.00 to $64.00 and set a “buy” rating for the company in a report on Thursday, March 23rd. JPMorgan Chase & Co. raised their price objective on Pinnacle Financial Partners from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, April 19th. Finally, Wells Fargo & Company cut their target price on shares of Pinnacle Financial Partners from $95.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, April 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $77.88.

Pinnacle Financial Partners Trading Down 0.1 %

Shares of NASDAQ:PNFP opened at $48.05 on Wednesday. The company has a 50-day simple moving average of $56.37 and a 200 day simple moving average of $70.24. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $3.68 billion, a P/E ratio of 6.59 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 52-week low of $43.31 and a 52-week high of $89.00.

Pinnacle Financial Partners (NASDAQ:PNFP – Get Rating) last issued its quarterly earnings data on Tuesday, April 18th. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.02. The firm had revenue of $401.76 million during the quarter, compared to the consensus estimate of $418.58 million. Pinnacle Financial Partners had a net margin of 28.11% and a return on equity of 10.85%. The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period last year, the business posted $1.65 earnings per share. Sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 6.55 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 26th. Shareholders of record on Friday, May 5th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, May 4th. This represents a $0.88 annualized dividend and a yield of 1.83%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.07%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 24,168 shares of the firm’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $73.38, for a total transaction of $1,773,447.84. Following the completion of the sale, the chairman now directly owns 302,071 shares in the company, valued at $22,165,969.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.15% of the company’s stock.

About Pinnacle Financial Partners

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Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.