EverSource Wealth Advisors LLC Reduces Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

EverSource Wealth Advisors LLC cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.0% during the first quarter, Holdings Channel.com reports. The institutional investor owned 17,655 shares of the financial services provider’s stock after selling 552 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Pinnacle Financial Partners were worth $1,516,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. Wasatch Advisors LP boosted its holdings in Pinnacle Financial Partners by 41.8% in the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after purchasing an additional 985,694 shares during the last quarter. Norges Bank purchased a new stake in Pinnacle Financial Partners in the fourth quarter valued at $83,461,000. Principal Financial Group Inc. boosted its holdings in Pinnacle Financial Partners by 185.5% in the fourth quarter. Principal Financial Group Inc. now owns 808,135 shares of the financial services provider’s stock valued at $70,486,000 after purchasing an additional 525,101 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Pinnacle Financial Partners by 14.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock valued at $230,951,000 after purchasing an additional 334,502 shares during the last quarter. Finally, Swedbank AB purchased a new stake in Pinnacle Financial Partners in the first quarter valued at $21,470,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PNFP has been the subject of a number of analyst reports. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Citigroup upped their price objective on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Barclays upped their price objective on shares of Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 18th. Stephens decreased their price objective on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $99.00.

Pinnacle Financial Partners Price Performance

PNFP stock traded down $3.76 during mid-day trading on Friday, reaching $88.26. The company’s stock had a trading volume of 415,591 shares, compared to its average volume of 642,203. The stock has a market cap of $6.82 billion, a PE ratio of 12.63 and a beta of 1.07. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. Pinnacle Financial Partners, Inc. has a fifty-two week low of $59.66 and a fifty-two week high of $98.58. The company’s 50 day moving average is $82.65 and its two-hundred day moving average is $82.78.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 2nd will be issued a $0.22 dividend. The ex-dividend date is Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.00%. Pinnacle Financial Partners’s payout ratio is 12.59%.

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.