Envestnet Portfolio Solutions Inc. Has $976,000 Holdings in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Envestnet Portfolio Solutions Inc. increased its holdings in Pinnacle Financial Partners by 61.4% during the second quarter, acquiring a total of 8,839 shares valued at approximately $976,000.
• Pinnacle Financial Partners reported earnings of $2.27 per share for its recent quarter, exceeding estimates and reflecting a significant year-over-year growth from $1.86 EPS.
• Wall Street analysts have varying ratings on Pinnacle Financial Partners, with six analysts giving a Buy rating and seven giving a Hold rating, while the consensus target price stands at $110.27.

Envestnet Portfolio Solutions Inc. raised its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 61.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,839 shares of the financial services provider's stock after buying an additional 3,361 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Pinnacle Financial Partners were worth $976,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in shares of Pinnacle Financial Partners by 51.7% during the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock worth $171,000 after buying an additional 551 shares during the last quarter. Jefferies Financial Group Inc. acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth approximately $850,000. Golden State Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth approximately $48,000. M&T Bank Corp lifted its holdings in shares of Pinnacle Financial Partners by 9.0% during the first quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider's stock worth $868,000 after buying an additional 674 shares during the last quarter. Finally, Trexquant Investment LP raised its stake in shares of Pinnacle Financial Partners by 27.4% in the first quarter. Trexquant Investment LP now owns 23,183 shares of the financial services provider's stock valued at $2,458,000 after purchasing an additional 4,989 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $87.02 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a fifty day moving average price of $94.23 and a two-hundred day moving average price of $100.38. Pinnacle Financial Partners, Inc. has a 52-week low of $81.57 and a 52-week high of $131.91. The firm has a market capitalization of $6.75 billion, a P/E ratio of 11.06 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) 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 return on equity of 9.91% and a net margin of 19.17%.The firm had revenue of $544.80 million during the quarter, compared to analyst estimates of $526.40 million. During the same period in the prior year, the company posted $1.86 earnings per share. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PNFP shares. JPMorgan Chase & Co. upped their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. TD Cowen started coverage on Pinnacle Financial Partners in a research note on Thursday, September 25th. They issued a "buy" rating and a $122.00 target price for the company. Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. UBS Group cut their target price on Pinnacle Financial Partners from $121.00 to $108.00 and set a "neutral" rating for the company in a research note on Tuesday, September 2nd. Finally, Stephens cut their target price on Pinnacle Financial Partners from $104.00 to $97.00 and set an "equal weight" rating for the company in a research note on Friday. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $110.27.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III bought 1,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the acquisition, the director owned 28,277 shares of the company's stock, valued at approximately $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Harold R. Carpenter bought 1,000 shares of the firm's stock in a transaction dated Thursday, July 31st. The shares were acquired at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the acquisition, the chief financial officer directly owned 105,050 shares of the company's stock, valued at approximately $9,426,136.50. The trade was a 0.96% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 12,174 shares of company stock worth $1,047,079 over the last three months. 1.46% of the stock is currently owned by corporate 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.