Ashton Thomas Private Wealth LLC Sells 14,876 Shares of Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Ashton Thomas Private Wealth LLC reduced its holdings in Pinnacle Financial Partners by 65.8%, selling 14,876 shares, and now owns 7,730 shares worth approximately $820,000.
• Insider purchases increased, with CFO Harold R. Carpenter and Director Thomas C. Farnsworth III buying shares, reflecting confidence in the company's performance.
• Analysts have varied opinions on Pinnacle Financial Partners, with target prices ranging from $95.00 to $125.00, and a consensus rating of "Hold" with an average price target of $113.50.

Ashton Thomas Private Wealth LLC decreased its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 65.8% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,730 shares of the financial services provider's stock after selling 14,876 shares during the period. Ashton Thomas Private Wealth LLC's holdings in Pinnacle Financial Partners were worth $820,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Baird Financial Group Inc. boosted its position in Pinnacle Financial Partners by 82.5% during the fourth quarter. Baird Financial Group Inc. now owns 6,171 shares of the financial services provider's stock valued at $706,000 after buying an additional 2,790 shares during the period. Cetera Investment Advisers grew its holdings in Pinnacle Financial Partners by 25.6% in the 4th quarter. Cetera Investment Advisers now owns 12,290 shares of the financial services provider's stock worth $1,406,000 after acquiring an additional 2,502 shares during the last quarter. Deutsche Bank AG increased its position in shares of Pinnacle Financial Partners by 1.8% in the fourth quarter. Deutsche Bank AG now owns 11,145 shares of the financial services provider's stock valued at $1,275,000 after acquiring an additional 193 shares during the period. Focus Partners Wealth increased its holdings in Pinnacle Financial Partners by 26.8% during the 4th quarter. Focus Partners Wealth now owns 4,174 shares of the financial services provider's stock valued at $477,000 after purchasing an additional 883 shares during the period. Finally, Nomura Holdings Inc. bought a new position in Pinnacle Financial Partners during the 4th quarter valued at approximately $1,162,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PNFP shares. Citigroup cut their price objective on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a research report on Friday, July 25th. Truist Financial restated a "buy" rating and issued a $127.00 price objective (up from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Hovde Group cut shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. JPMorgan Chase & Co. boosted their price target on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Wells Fargo & Company decreased their price target on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a research note on Friday, July 25th. Four equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of "Hold" and a consensus price target of $113.50.

Pinnacle Financial Partners Stock Down 0.7%

NASDAQ:PNFP traded down $0.71 during trading hours on Tuesday, reaching $94.65. 1,231,067 shares of the company traded hands, compared to its average volume of 1,065,425. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The business's 50-day moving average price is $98.93 and its two-hundred day moving average price is $102.44. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91. The stock has a market capitalization of $7.34 billion, a P/E ratio of 12.55 and a beta of 1.07.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.92 by $0.08. The firm had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The company's revenue was up 15.1% on a year-over-year basis. During the same period last year, the company earned $1.63 earnings per share. Analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 1st were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, August 1st. This represents a $0.96 annualized dividend and a yield of 1.0%. Pinnacle Financial Partners's payout ratio is 12.73%.

Insider Transactions at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter purchased 1,000 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were purchased at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the acquisition, the chief financial officer directly owned 105,050 shares in the company, valued at $9,426,136.50. This represents a 0.96% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director G Kennedy Thompson acquired 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $85.65 per share, with a total value of $856,500.00. Following the completion of the acquisition, the director owned 28,372 shares in the company, valued at $2,430,061.80. The trade was a 54.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 12,174 shares of company stock worth $1,047,079. 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.