Allspring Global Investments Holdings LLC Lowers Stock Position in Pinnacle Financial Partners, Inc. $PNFP

Allspring Global Investments Holdings LLC cut its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 17.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 117,410 shares of the financial services provider’s stock after selling 24,755 shares during the period. Allspring Global Investments Holdings LLC owned 0.15% of Pinnacle Financial Partners worth $13,416,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. 1248 Management LLC purchased a new stake in Pinnacle Financial Partners during the first quarter worth $29,000. Ameritas Advisory Services LLC purchased a new position in Pinnacle Financial Partners during the second quarter valued at $45,000. Golden State Wealth Management LLC purchased a new position in Pinnacle Financial Partners during the first quarter valued at $48,000. SVB Wealth LLC purchased a new position in Pinnacle Financial Partners during the first quarter valued at $51,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in Pinnacle Financial Partners during the first quarter valued at $57,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Thomas C. Farnsworth III acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the transaction, the director owned 28,277 shares in the company, valued at approximately $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Harold R. Carpenter acquired 1,000 shares of the business’s stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average price of $89.73 per share, with a total value of $89,730.00. Following the completion of the transaction, the chief financial officer owned 105,050 shares of the company’s stock, valued at $9,426,136.50. The trade was a 0.96% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 12,174 shares of company stock worth $1,047,079. Insiders own 1.46% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PNFP shares. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Citigroup decreased their price objective on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Friday, July 25th. Wells Fargo & Company decreased their price objective on shares of Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating on the stock in a report on Friday. Keefe, Bruyette & Woods decreased their price objective on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating on the stock in a report on Wednesday, August 13th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Six investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $110.27.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $87.02 on Friday. The firm has a 50-day simple moving average of $94.23 and a 200-day simple moving average of $100.43. The stock has a market capitalization of $6.75 billion, a price-to-earnings ratio of 11.06 and a beta of 1.02. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.33. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $526.40 million. During the same period last year, the business earned $1.86 earnings per share. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

About Pinnacle Financial Partners

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.