Mercer Global Advisors Inc. ADV Cuts Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Mercer Global Advisors Inc. ADV decreased its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Get Rating) by 2.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 10,244 shares of the financial services provider’s stock after selling 226 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Pinnacle Financial Partners were worth $752,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Signaturefd LLC lifted its position in Pinnacle Financial Partners by 43.1% in the 4th quarter. Signaturefd LLC now owns 667 shares of the financial services provider’s stock worth $49,000 after buying an additional 201 shares during the last quarter. Edge Capital Group LLC bought a new stake in Pinnacle Financial Partners in the 4th quarter worth approximately $51,000. Quadrant Capital Group LLC lifted its position in Pinnacle Financial Partners by 589.5% in the 3rd quarter. Quadrant Capital Group LLC now owns 917 shares of the financial services provider’s stock worth $74,000 after buying an additional 784 shares during the last quarter. Parallel Advisors LLC lifted its position in Pinnacle Financial Partners by 1,772.2% in the 4th quarter. Parallel Advisors LLC now owns 1,011 shares of the financial services provider’s stock worth $74,000 after buying an additional 957 shares during the last quarter. Finally, RFP Financial Group LLC bought a new stake in Pinnacle Financial Partners in the 4th quarter worth approximately $90,000. Institutional investors own 79.82% of the company’s stock.

Insider Buying and Selling

In related news, Chairman Robert A. Mccabe, Jr. sold 24,168 shares of the company’s stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $73.38, for a total value of $1,773,447.84. Following the sale, the chairman now directly owns 302,071 shares of the company’s stock, valued at $22,165,969.98. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.15% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PNFP has been the subject of a number of recent research reports. Wells Fargo & Company dropped their target price on Pinnacle Financial Partners from $95.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, April 5th. StockNews.com initiated coverage on Pinnacle Financial Partners in a research report on Thursday. They issued a “sell” rating for the company. Keefe, Bruyette & Woods lowered their price objective on Pinnacle Financial Partners from $90.00 to $80.00 and set an “outperform” rating for the company in a research report on Thursday, April 6th. JPMorgan Chase & Co. boosted their price objective on Pinnacle Financial Partners from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, April 19th. Finally, Truist Financial lowered their price objective on Pinnacle Financial Partners from $85.00 to $64.00 and set a “buy” rating for the company in a research report on Thursday, March 23rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $77.88.

Pinnacle Financial Partners Price Performance

PNFP opened at $49.29 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 0.91. Pinnacle Financial Partners, Inc. has a 52-week low of $43.31 and a 52-week high of $89.00. The stock has a market capitalization of $3.78 billion, a PE ratio of 6.76 and a beta of 1.09. The stock’s 50 day moving average price is $52.64 and its 200-day moving average price is $68.36.

Pinnacle Financial Partners (NASDAQ:PNFP – Get Rating) last issued its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.02. The company had revenue of $401.76 million for the quarter, compared to analysts’ expectations of $418.58 million. Pinnacle Financial Partners had a return on equity of 10.85% and a net margin of 28.11%. The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.65 earnings per share. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 6.55 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 26th. Investors of record on Friday, May 5th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Thursday, May 4th. This represents a $0.88 annualized dividend and a yield of 1.79%. Pinnacle Financial Partners’s payout ratio is 12.07%.

Pinnacle Financial Partners Company Profile

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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.