Atria Investments Inc Decreases Stock Holdings in Pinnacle Financial Partners, Inc. $PNFP

Atria Investments Inc decreased its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.4% in the second quarter, Holdings Channel.com reports. The institutional investor owned 57,942 shares of the financial services provider’s stock after selling 235 shares during the period. Atria Investments Inc’s holdings in Pinnacle Financial Partners were worth $6,397,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Retirement Systems of Alabama increased its position in shares of Pinnacle Financial Partners by 0.4% during the 2nd quarter. Retirement Systems of Alabama now owns 230,937 shares of the financial services provider’s stock valued at $25,498,000 after purchasing an additional 814 shares during the last quarter. Assetmark Inc. increased its position in shares of Pinnacle Financial Partners by 10.1% during the 2nd quarter. Assetmark Inc. now owns 1,741 shares of the financial services provider’s stock valued at $192,000 after purchasing an additional 160 shares during the last quarter. Emerald Mutual Fund Advisers Trust increased its position in shares of Pinnacle Financial Partners by 51.9% during the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 12,883 shares of the financial services provider’s stock valued at $1,422,000 after purchasing an additional 4,401 shares during the last quarter. Jennison Associates LLC increased its position in shares of Pinnacle Financial Partners by 6.7% during the 2nd quarter. Jennison Associates LLC now owns 686,744 shares of the financial services provider’s stock valued at $75,823,000 after purchasing an additional 43,162 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in shares of Pinnacle Financial Partners by 2.3% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 10,492 shares of the financial services provider’s stock valued at $1,158,000 after purchasing an additional 238 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on PNFP. Citigroup reduced their price target on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, July 25th. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Truist Financial cut their price objective 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Pinnacle Financial Partners in a research note on Friday. Finally, Hovde Group downgraded Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Six analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $110.27.

Pinnacle Financial Partners Stock Up 0.6%

NASDAQ PNFP opened at $85.21 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market capitalization of $6.61 billion, a P/E ratio of 10.83 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The stock has a 50 day moving average price of $92.99 and a 200-day moving average price of $100.10.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.22. The firm had revenue of $544.80 million during the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.During the same period in the prior year, the company earned $1.86 EPS. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 7th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio is presently 12.20%.

Insiders Place Their Bets

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

Pinnacle Financial Partners Company 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.