Pinnacle Financial Partners, Inc. $PNFP Shares Sold by Walleye Capital LLC

Walleye Capital LLC trimmed its stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 48.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,405 shares of the company’s stock after selling 9,597 shares during the quarter. Walleye Capital LLC’s holdings in Pinnacle Financial Partners were worth $896,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its stake in shares of Pinnacle Financial Partners by 1,697.4% during the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock worth $306,474,000 after purchasing an additional 3,085,867 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Pinnacle Financial Partners by 80.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after buying an additional 2,244,659 shares during the last quarter. Nomura Holdings Inc. purchased a new position in Pinnacle Financial Partners in the 3rd quarter valued at $187,822,000. Alyeska Investment Group L.P. acquired a new position in Pinnacle Financial Partners in the 4th quarter valued at $159,545,000. Finally, Norges Bank acquired a new position in Pinnacle Financial Partners in the 4th quarter valued at $116,349,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $102.53 on Friday. The firm has a market capitalization of $7.95 billion, a P/E ratio of 14.08, a P/E/G ratio of 0.40 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $107.00. The firm has a fifty day simple moving average of $97.90. The company has a current ratio of 0.94, a quick ratio of 0.90 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. Sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 10.18 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently commented on PNFP shares. Piper Sandler raised their target price on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a research note on Friday. Evercore reiterated an “outperform” rating and set a $120.00 price target on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. TD Cowen cut their price target on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a report on Monday, April 27th. Truist Financial raised their price objective on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Finally, Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $116.65.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.