EverSource Wealth Advisors LLC Acquires 14,679 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Financial Advisors


EverSource Wealth Advisors LLC increased its stake in Pinnacle Financial Partners (NASDAQ: PNFP – Get Rating) by 58,716.0% in the fourth quarter, according to the company’s latest 13F filing with the Securities and Exchange Commission It says. The company held 14,704 shares in the financial services provider after purchasing an additional 14,679 shares over the period. Pinnacle Financial Partners’ stake in EverSource Wealth Advisors LLC was valued at $1,079,000 as of his latest SEC filing.

Other institutional investors have also recently added or reduced stakes in the company. Handelsbanken Fonder AB increased his Pinnacle Financial Partners equity position by 6,336.0% during the fourth quarter. Handelsbanken Fonder AB purchased an additional 354,500 shares during the period and now holds 360,095 shares in the financial services provider worth $26,431,000. Jennison Associates LLC increased its position in Pinnacle Financial Partners stock by 27.2% in the third quarter. Jennison Associates LLC purchased an additional 213,504 shares during the period and now owns 997,576 shares of financial services provider stock valued at $80,903,000. Balyasny Asset Management LLC increased its position in Pinnacle Financial Partners shares by 214.9% during the third quarter. Balyasny Asset Management LLC purchased an additional 149,851 shares during the period and now holds 219,587 shares in the financial services provider valued at $17,809,000. AllianceBernstein LP increased its position in Pinnacle Financial Partners shares by 17.4% during the third quarter. AllianceBernstein LP purchased an additional 145,302 shares during the period and now owns 982,744 shares in the financial services provider, valued at $79,701,000. Finally, Handelsinvest Investingsforvaltning purchased new shares in Pinnacle Financial Partners for a value of approximately $10,129,000 during the fourth quarter. 79.82% of the shares are held by institutional investors.

Price performance of Pinnacle Financial Partners

Shares of Pinnacle Financial Partners opened Friday at $46.47. 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 $3.57 billion, a P/E of 6.37 and a beta of 1.09. His 50-day moving average for this company is $55.33 and his 200-day moving average is $69.87. Pinnacle Financial Partners hit a 52-week low of $43.31 and a 52-week high of $89.00.

Pinnacle Financial Partners (NASDAQ:PNFP – Get Rating) last released its quarterly earnings data on Tuesday, April 18th. The financial services provider reported EPS of $1.76 for the quarter, beating analyst consensus expectations of $1.74 by $0.02. The company had revenue of $401.76 million for the quarter, compared with analysts’ expectations of $418.58 million. Pinnacle Financial Partners had a return on equity of 10.85% and a net profit margin of 28.11%. The segment’s revenue increased by 17.1% year-on-year. The company posted earnings of $1.65 per share in the same period last year. Equity research analysts expect Pinnacle Financial Partners to post earnings of 6.55 per share this fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend payable on Friday, May 26. The shareholder of record on Friday, May 5 will be paid a dividend of $0.22 per share. This equates to a $0.88 annual dividend and his 1.89% dividend yield. The ex-dividend date for this dividend will be Thursday, May 4. Pinnacle Financial Partners’ dividend payout ratio (DPR) is currently 12.07%.

Insider activity

In other news, Chairman Robert A. McCabe Jr. sold 24,168 shares of the company in a trade on Wednesday, March 1. The shares sold at an average price of $73.38 for a total transaction value of $1,773,447.84. After the transaction, the chairman owns 302,071 shares of the company, valued at $22,165,969.98. The sale was disclosed in legal filings with the Securities and Exchange Commission, available at this hyperlink. Currently, 2.15% of the shares are owned by insiders.

Analyst Rating Change

Several brokerage firms have recently commented on the PNFP. Keefe, Bruyette & Woods lowered its price target for Pinnacle Financial Partners from $90.00 to $80.00 in a research note on Thursday, April 6, setting a valuation of ‘Outperform’. Wells Fargo & Company lowered its price target on Pinnacle Financial Partners from $95.00 to $85.00 in a research note on Wednesday, April 5, setting the stock’s rating to ‘overweight’. Trust Financial lowered its price target on Pinnacle Financial Partners from $85.00 to $64.00 and set a Buy rating on the stock in its research note on Thursday, March 23. StockNews.com upgraded its rating on Pinnacle Financial Partners from ‘sell’ to ‘hold’ in a research note on Wednesday, March 22nd. Finally, JPMorgan Chase raised its price target on Pinnacle Financial Partners from $63.00 to $65.00, giving the company an Overweight rating in its research note on Wednesday, April 19. One research analyst gave the stock a sell rating, three gave a hold rating, and four gave a buy rating. The stock currently has a Consensus Rating of Hold and a Consensus Price Target of $77.88, based on MarketBeat.com data.

Pinnacle Financial Partners Company Profile

(get rating)

Pinnacle Financial Partners, Inc is a bank holding company that provides financial solutions. We offer banking, investment, trust, mortgage and insurance products and services designed for businesses and individuals. The company is owned by Dale W. Pauley, M. Terry Turner, Sue G.

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Want to know if other hedge funds hold PNFP? Visit HoldingsChannel.com to get the latest Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Get Rating) 13F filings and insider trading.

Pinnacle Financial Partners Quarterly Institutional Ownership (NASDAQ:PNFP)

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