Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Holdings Decreased by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC cut its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 61.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,679 shares of the financial services provider’s stock after selling 73,994 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $4,009,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PNFP. NBC Securities Inc. lifted its position in shares of Pinnacle Financial Partners by 6.0% in the 1st quarter. NBC Securities Inc. now owns 9,984 shares of the financial services provider’s stock worth $857,000 after buying an additional 565 shares during the last quarter. Duncan Williams Asset Management LLC bought a new position in Pinnacle Financial Partners in the first quarter worth about $1,085,000. HighPoint Advisor Group LLC acquired a new position in Pinnacle Financial Partners in the fourth quarter valued at approximately $262,000. PNC Financial Services Group Inc. raised its position in shares of Pinnacle Financial Partners by 16.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,373 shares of the financial services provider’s stock worth $381,000 after purchasing an additional 618 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Pinnacle Financial Partners by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock worth $624,598,000 after purchasing an additional 63,477 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Buying and Selling at Pinnacle Financial Partners

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. JPMorgan Chase & Co. lowered their price objective on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. Truist Financial cut their price objective on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Hovde Group decreased their target price on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research report on Tuesday, April 23rd. Jefferies Financial Group cut their price target on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Monday, April 8th. Finally, Stephens decreased their price objective on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $94.63.

Pinnacle Financial Partners Trading Up 1.0 %

Shares of NASDAQ:PNFP opened at $77.00 on Friday. The company has a 50 day moving average of $79.61 and a 200-day moving average of $82.51. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm has a market cap of $5.95 billion, a P/E ratio of 11.02 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a twelve month low of $52.91 and a twelve month high of $92.33.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results 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 firm had revenue of $428.14 million during the quarter, compared to analyst estimates of $413.27 million. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.74 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 3rd were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend was Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

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.