American International Group Inc. Sells 4,442 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

American International Group Inc. lowered its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 103,690 shares of the financial services provider’s stock after selling 4,442 shares during the quarter. American International Group Inc.’s holdings in Pinnacle Financial Partners were worth $9,044,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Bruce G. Allen Investments LLC bought a new stake in Pinnacle Financial Partners during the fourth quarter worth $32,000. Principal Securities Inc. purchased a new position in Pinnacle Financial Partners in the fourth quarter worth $60,000. CWM LLC boosted its position in Pinnacle Financial Partners by 62.3% in the fourth quarter. CWM LLC now owns 865 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 332 shares during the last quarter. GAMMA Investing LLC purchased a new position in Pinnacle Financial Partners in the fourth quarter worth $95,000. Finally, Assetmark Inc. purchased a new position in Pinnacle Financial Partners in the fourth quarter worth $101,000. Institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

PNFP has been the topic of several research analyst reports. Hovde Group cut their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 24th. Jefferies Financial Group cut their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. Stephens dropped their price target on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. Finally, Barclays assumed coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price target on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $94.63.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $76.27 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 52-week low of $52.91 and a 52-week high of $92.33. The firm has a market cap of $5.89 billion, a price-to-earnings ratio of 10.91 and a beta of 1.08. The business’s fifty day moving average is $79.75 and its 200 day moving average is $82.59.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.52 by $0.01. Pinnacle Financial Partners had a return on equity of 9.31% and a net margin of 18.59%. The company had revenue of $428.14 million for the quarter, compared to analyst estimates of $413.27 million. Research analysts predict that Pinnacle Financial Partners, Inc. will post 6.74 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 3rd were paid a dividend of $0.22 per share. The ex-dividend date was Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.15%. Pinnacle Financial Partners’s payout ratio is 12.59%.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the sale, the chairman now directly owns 153,062 shares in the company, valued at approximately $12,404,144.48. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $81.04, for a total value of $9,339,778.96. Following the transaction, the chairman now directly owns 153,062 shares in the company, valued at approximately $12,404,144.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO M Terry Turner sold 72,000 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $80.97, for a total value of $5,829,840.00. Following the completion of the transaction, the chief executive officer now owns 222,790 shares in the company, valued at $18,039,306.30. The disclosure for this sale can be found here. 1.87% of the stock is currently owned by corporate 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.