Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Holdings Increased by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. grew its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,025 shares of the financial services provider’s stock after buying an additional 299 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Pinnacle Financial Partners were worth $787,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in Pinnacle Financial Partners by 14.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock valued at $230,951,000 after purchasing an additional 334,502 shares during the period. NBC Securities Inc. raised its position in shares of Pinnacle Financial Partners by 1.3% in the fourth quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock valued at $821,000 after purchasing an additional 124 shares during the period. Teacher Retirement System of Texas raised its holdings in Pinnacle Financial Partners by 8.8% in the 4th quarter. Teacher Retirement System of Texas now owns 17,735 shares of the financial services provider’s stock worth $1,547,000 after acquiring an additional 1,440 shares during the period. Principal Securities Inc. bought a new position in Pinnacle Financial Partners in the 4th quarter worth $60,000. Finally, Barlow Wealth Partners Inc. bought a new position in Pinnacle Financial Partners in the 4th quarter worth $12,535,000. 87.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PNFP. Barclays began coverage on shares of Pinnacle Financial Partners in a research report on Friday, March 8th. They set an “equal weight” rating and a $93.00 target price on the stock. Truist Financial reduced their target price on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Stephens reiterated an “overweight” rating and set a $109.00 target price on shares of Pinnacle Financial Partners in a research report on Tuesday, April 23rd. Hovde Group dropped their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research note on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. dropped their price target on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $95.50.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the sale, the chief financial officer now owns 63,856 shares in the company, valued at $5,250,240.32. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO M Terry Turner sold 24,057 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $1,977,966.54. Following the transaction, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the transaction, the chief financial officer now directly owns 63,856 shares in the company, valued at $5,250,240.32. The disclosure for this sale can be found here. Insiders sold a total of 235,093 shares of company stock worth $19,103,353 over the last quarter. 1.87% of the stock is currently owned by insiders.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $82.80 on Tuesday. The stock has a market capitalization of $6.39 billion, a price-to-earnings ratio of 11.85 and a beta of 1.09. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm has a fifty day simple moving average of $81.89 and a 200 day simple moving average of $81.40. Pinnacle Financial Partners, Inc. has a 12 month low of $47.61 and a 12 month high of $92.33.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Monday, April 22nd. The financial services provider reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.52 by $0.01. The firm had revenue of $428.14 million during the quarter, compared to analysts’ expectations of $413.27 million. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. Research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.75 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

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.