Envestnet Portfolio Solutions Inc. Sells 3,858 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Envestnet Portfolio Solutions Inc. reduced its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 41.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,478 shares of the financial services provider's stock after selling 3,858 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Pinnacle Financial Partners were worth $581,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of PNFP. Kapitalo Investimentos Ltda bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth approximately $78,000. UMB Bank n.a. boosted its position in shares of Pinnacle Financial Partners by 16.6% in the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock worth $91,000 after purchasing an additional 122 shares during the period. Principal Securities Inc. boosted its position in shares of Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock worth $92,000 after purchasing an additional 91 shares during the period. GAMMA Investing LLC boosted its position in shares of Pinnacle Financial Partners by 51.7% in the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock worth $171,000 after purchasing an additional 551 shares during the period. Finally, Blair William & Co. IL bought a new position in shares of Pinnacle Financial Partners during the fourth quarter worth $200,000. 87.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, May 21st. They set a "buy" rating and a $135.00 target price for the company. Barclays dropped their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Hovde Group upgraded shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 target price for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Wells Fargo & Company dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $121.27.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $109.24 on Friday. The company has a market cap of $8.47 billion, a price-to-earnings ratio of 17.68 and a beta of 1.02. The firm's fifty day moving average is $105.00 and its 200 day moving average is $109.45. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 52-week low of $75.85 and a 52-week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.98% and a return on equity of 9.29%. The business had revenue of $475.37 million for the quarter, compared to the consensus estimate of $478.11 million. During the same quarter in the prior year, the firm posted $1.53 earnings per share. Sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 2nd were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend was Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio is currently 15.53%.

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.

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