William Blair Investment Management LLC Cuts Position in Pinnacle Financial Partners, Inc. $PNFP

William Blair Investment Management LLC trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 7.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 263,708 shares of the financial services provider’s stock after selling 21,431 shares during the period. William Blair Investment Management LLC owned about 0.34% of Pinnacle Financial Partners worth $29,116,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in PNFP. GAMMA Investing LLC increased its stake in 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 valued at $171,000 after purchasing an additional 551 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Pinnacle Financial Partners by 1.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 19,804 shares of the financial services provider’s stock valued at $2,100,000 after purchasing an additional 342 shares during the last quarter. State of Alaska Department of Revenue increased its stake in Pinnacle Financial Partners by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 8,967 shares of the financial services provider’s stock valued at $950,000 after purchasing an additional 240 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in Pinnacle Financial Partners by 14.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 147,502 shares of the financial services provider’s stock valued at $15,641,000 after purchasing an additional 18,078 shares during the last quarter. Finally, Sheets Smith Wealth Management increased its stake in Pinnacle Financial Partners by 3.6% in the first quarter. Sheets Smith Wealth Management now owns 5,875 shares of the financial services provider’s stock valued at $623,000 after purchasing an additional 206 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on PNFP shares. Keefe, Bruyette & Woods dropped their price target on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 13th. Cowen assumed coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 24th. They issued a “buy” rating on the stock. Stephens decreased their price objective on Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating for the company in a report on Friday. Wells Fargo & Company decreased their price objective on Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating for the company in a report on Friday. Finally, Citigroup decreased their price objective on Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating for the company in a report on Friday, July 25th. Six investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus price target of $110.27.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $87.02 on Monday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a fifty day moving average price of $94.23 and a 200 day moving average price of $100.44. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The company has a market cap of $6.75 billion, a PE ratio of 11.06 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share 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 the consensus estimate of $526.40 million. During the same period last year, the company earned $1.86 earnings per share. Sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Insider Buying and Selling

In related news, CFO Harold R. Carpenter purchased 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average cost of $89.73 per share, with a total value of $89,730.00. Following the completion of the acquisition, 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 acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director G Kennedy Thompson acquired 10,000 shares of the business’s stock in a transaction on Friday, August 1st. The stock was acquired at an average price of $85.65 per share, with a total value of $856,500.00. Following the transaction, the director directly owned 28,372 shares of the company’s stock, valued at $2,430,061.80. This represents a 54.43% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 12,174 shares of company stock valued at $1,047,079 over the last three months. 1.46% of the stock is currently owned by company insiders.

Pinnacle Financial Partners 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.