Harbor Capital Advisors Inc. Sells 407 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Harbor Capital Advisors Inc. lowered its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 21.0% during the fourth quarter, HoldingsChannel reports. The fund owned 1,527 shares of the financial services provider’s stock after selling 407 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Pinnacle Financial Partners were worth $175,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of PNFP. OneDigital Investment Advisors LLC grew its position in shares of Pinnacle Financial Partners by 1.3% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock worth $651,000 after buying an additional 88 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Pinnacle Financial Partners by 0.6% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock valued at $1,761,000 after acquiring an additional 100 shares during the period. Blue Trust Inc. boosted its stake in Pinnacle Financial Partners by 10.6% during the third quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock worth $129,000 after acquiring an additional 126 shares in the last quarter. Strategic Blueprint LLC grew its holdings in Pinnacle Financial Partners by 3.4% in the third quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock worth $394,000 after purchasing an additional 133 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Pinnacle Financial Partners by 16.5% in the third quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $97,000 after purchasing an additional 141 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the sale, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David B. Ingram sold 3,610 shares of Pinnacle Financial Partners stock in a transaction on Monday, December 9th. The stock was sold at an average price of $126.07, for a total value of $455,112.70. Following the sale, the director now owns 139,489 shares in the company, valued at $17,585,378.23. The trade was a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 76,661 shares of company stock valued at $9,563,127 in the last 90 days. 1.87% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Stock Up 1.7 %

Shares of NASDAQ:PNFP opened at $119.96 on Thursday. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market cap of $9.27 billion, a price-to-earnings ratio of 22.81 and a beta of 1.09. The business’s 50 day moving average is $119.70 and its 200 day moving average is $103.45.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. The business had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same period in the prior year, the firm posted $1.79 EPS. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PNFP shares. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. UBS Group assumed coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target on the stock. Stephens boosted their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a report on Monday, November 18th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $122.73.

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.