Wealth Enhancement Advisory Services LLC Raises Stock Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in Pinnacle Financial Partners by 20.1%, holding 23,781 shares valued at approximately $2.8 million as of the end of the second quarter.
• The average target price for Pinnacle Financial Partners is currently $112.45, with a consensus rating of "Moderate Buy" among analysts, as several ratings were adjusted following their earnings report.
• Pinnacle Financial Partners recently reported an EPS of $2.00, surpassing estimates, and announced a quarterly dividend of $0.24, resulting in an annualized yield of 1.0%.

Wealth Enhancement Advisory Services LLC boosted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 20.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,781 shares of the financial services provider's stock after buying an additional 3,977 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Pinnacle Financial Partners were worth $2,802,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. KLP Kapitalforvaltning AS boosted its stake in Pinnacle Financial Partners by 0.6% in the 1st quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider's stock worth $1,675,000 after buying an additional 100 shares during the last quarter. Brooklyn Investment Group boosted its position in Pinnacle Financial Partners by 15.3% in the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock valued at $88,000 after buying an additional 110 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of Pinnacle Financial Partners by 5.7% in the 1st quarter. Parallel Advisors LLC now owns 2,143 shares of the financial services provider's stock valued at $227,000 after purchasing an additional 116 shares during the period. UMB Bank n.a. boosted its holdings in shares of Pinnacle Financial Partners by 16.6% during the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock worth $91,000 after acquiring an additional 122 shares during the period. Finally, Tidal Investments LLC lifted its stake in Pinnacle Financial Partners by 4.7% during the fourth quarter. Tidal Investments LLC now owns 3,101 shares of the financial services provider's stock worth $355,000 after purchasing an additional 140 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Hovde Group downgraded Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. TD Cowen initiated coverage on shares of Pinnacle Financial Partners in a research report on Thursday. They set a "buy" rating and a $122.00 price target for the company. JPMorgan Chase & Co. increased their target price on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Wall Street Zen raised shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Barclays dropped their price target on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and an average target price of $112.45.

Pinnacle Financial Partners Stock Up 0.8%

PNFP stock opened at $96.00 on Friday. The firm's 50-day simple moving average is $95.42 and its 200 day simple moving average is $101.93. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. The stock has a market cap of $7.45 billion, a PE ratio of 12.73 and a beta of 1.07. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, beating analysts' consensus estimates of $1.92 by $0.08. The business had revenue of $504.99 million during the quarter, compared to analyst estimates of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.Pinnacle Financial Partners's revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.63 earnings per share. As a group, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, August 1st. Pinnacle Financial Partners's payout ratio is 12.73%.

Insider Transactions at Pinnacle Financial Partners

In related news, Director G Kennedy Thompson bought 10,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was acquired at an average cost of $85.65 per share, for a total transaction of $856,500.00. Following the purchase, the director owned 28,372 shares in the company, valued at approximately $2,430,061.80. This represents a 54.43% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Harold R. Carpenter acquired 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the transaction, the chief financial officer directly owned 105,050 shares in the company, valued at $9,426,136.50. This trade represents a 0.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 12,174 shares of company stock valued at $1,047,079 in the last ninety days. 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.

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