Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Anderson Hoagland & Co.

Anderson Hoagland & Co. lessened its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 20.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,915 shares of the financial services provider's stock after selling 5,111 shares during the period. Anderson Hoagland & Co.'s holdings in Pinnacle Financial Partners were worth $2,112,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Pinnacle Financial Partners by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock valued at $823,652,000 after purchasing an additional 87,058 shares during the period. FMR LLC boosted its stake in shares of Pinnacle Financial Partners by 10.6% in the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock worth $343,549,000 after acquiring an additional 286,894 shares during the last quarter. North Reef Capital Management LP boosted its holdings in Pinnacle Financial Partners by 57.1% in the 4th quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock valued at $221,917,000 after purchasing an additional 705,000 shares during the last quarter. Capital Research Global Investors lifted its holdings in Pinnacle Financial Partners by 57.0% in the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock valued at $178,425,000 after acquiring an additional 566,061 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Pinnacle Financial Partners by 16.5% in the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock valued at $172,072,000 after acquiring an additional 213,505 shares during the last quarter. Institutional investors own 87.40% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on PNFP. Jefferies Financial Group started coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, May 21st. They issued a "buy" rating and a $135.00 target price on the stock. Wells Fargo & Company decreased their price objective on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Truist Financial initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, May 13th. They set a "buy" rating and a $123.00 price target on the stock. Finally, Hovde Group raised shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target on the stock in a research report on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $121.27.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP traded up $0.40 on Thursday, hitting $106.20. 116,198 shares of the company's stock were exchanged, compared to its average volume of 501,265. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The firm's 50-day moving average price is $101.54 and its two-hundred day moving average price is $111.54. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The firm has a market cap of $8.24 billion, a price-to-earnings ratio of 17.76 and a beta of 1.00.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.37 million for the quarter, compared to analysts' expectations of $478.11 million. During the same period last year, the company earned $1.53 EPS. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 2nd were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.90%. Pinnacle Financial Partners's payout ratio is currently 15.53%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the transaction, the chief executive officer now owns 254,552 shares of the company's stock, valued at approximately $25,615,567.76. This trade represents a 0.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Glenda Baskin Glover sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the transaction, the director now owns 9,943 shares in the company, valued at $1,009,711.65. This represents a 23.18% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,041 shares of company stock valued at $509,986. Corporate insiders own 1.46% of the company's stock.

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.