Ameriprise Financial Inc. Has $15.44 Million Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Ameriprise Financial Inc. lowered its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 7.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 134,964 shares of the financial services provider's stock after selling 10,958 shares during the period. Ameriprise Financial Inc. owned approximately 0.17% of Pinnacle Financial Partners worth $15,439,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNFP. Barclays PLC boosted its holdings in Pinnacle Financial Partners by 117.0% during the third quarter. Barclays PLC now owns 167,838 shares of the financial services provider's stock worth $16,442,000 after buying an additional 90,478 shares during the last quarter. Park Avenue Securities LLC boosted its holdings in Pinnacle Financial Partners by 25.7% during the fourth quarter. Park Avenue Securities LLC now owns 8,702 shares of the financial services provider's stock worth $995,000 after buying an additional 1,777 shares during the last quarter. Trust Co. of Vermont bought a new position in Pinnacle Financial Partners during the fourth quarter worth about $97,000. HB Wealth Management LLC boosted its holdings in Pinnacle Financial Partners by 27.5% during the fourth quarter. HB Wealth Management LLC now owns 3,224 shares of the financial services provider's stock worth $369,000 after buying an additional 696 shares during the last quarter. Finally, Jackson Square Capital LLC boosted its holdings in Pinnacle Financial Partners by 22.4% during the fourth quarter. Jackson Square Capital LLC now owns 3,549 shares of the financial services provider's stock worth $406,000 after buying an additional 649 shares during the last quarter. Institutional investors own 87.40% of the company's stock.

Insider Activity at Pinnacle Financial Partners

In related news, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the sale, the director now owns 9,943 shares of the company's stock, valued at approximately $1,009,711.65. This trade represents a 23.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $113.81, for a total value of $4,552,400.00. Following the completion of the sale, the chairman now directly owns 83,000 shares in the company, valued at approximately $9,446,230. This represents a 32.52% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,041 shares of company stock valued at $5,062,386. 1.46% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on PNFP. Barclays dropped their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Jefferies Financial Group began coverage on Pinnacle Financial Partners in a research report on Wednesday. They set a "buy" rating and a $135.00 price target on the stock. Wells Fargo & Company dropped their price target on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Truist Financial began coverage on Pinnacle Financial Partners in a research report on Tuesday, May 13th. They set a "buy" rating and a $123.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $121.27.

Pinnacle Financial Partners Stock Down 0.5%

Shares of NASDAQ PNFP traded down $0.49 during mid-day trading on Friday, reaching $105.55. 222,496 shares of the company's stock were exchanged, compared to its average volume of 502,454. The firm has a market capitalization of $8.19 billion, a price-to-earnings ratio of 17.65 and a beta of 1.00. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The business has a fifty day simple moving average of $101.63 and a 200 day simple moving average of $112.42. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. During the same quarter last year, the firm earned $1.53 EPS. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio is presently 15.53%.

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.