Harbor Capital Advisors Inc. Has $175,000 Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Harbor Capital Advisors Inc. lowered its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 21.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,527 shares of the financial services provider’s stock after selling 407 shares during the period. Harbor Capital Advisors Inc.’s holdings in Pinnacle Financial Partners were worth $175,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth about $30,000. UMB Bank n.a. boosted its position in Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. acquired a new position in Pinnacle Financial Partners during the third quarter valued at approximately $49,000. Quarry LP grew its stake in Pinnacle Financial Partners by 3,500.0% in the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 735 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $70,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PNFP shares. Truist Financial increased their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Citigroup upped their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Wells Fargo & Company boosted their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. UBS Group started coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target on the stock. Finally, Stephens lifted their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Pinnacle Financial Partners has an average rating of “Hold” and a consensus target price of $122.73.

Pinnacle Financial Partners Stock Up 1.7 %

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

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same quarter in the prior year, the business posted $1.79 earnings per share. Equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 3,610 shares of the firm’s 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 of the company’s stock, valued at approximately $17,585,378.23. This trade represents a 2.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 76,661 shares of company stock valued at $9,563,127 over the last quarter. 1.87% of the stock is 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.