Ashton Thomas Private Wealth LLC Has $820,000 Stock Position in 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 lowered its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 65.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,730 shares of the financial services provider's stock after selling 14,876 shares during the quarter. Ashton Thomas Private Wealth LLC's holdings in Pinnacle Financial Partners were worth $820,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new position in Pinnacle Financial Partners during the first quarter worth $48,000. SVB Wealth LLC bought a new position in shares of Pinnacle Financial Partners in the 1st quarter worth about $51,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at about $57,000. Brooklyn Investment Group grew its position in shares of Pinnacle Financial Partners by 15.3% during the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock valued at $88,000 after buying an additional 110 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in Pinnacle Financial Partners by 16.6% during the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock worth $91,000 after acquiring an additional 122 shares during the period. Institutional investors and hedge funds own 87.40% of the company's stock.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director G Kennedy Thompson purchased 10,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $85.65 per share, with a total value of $856,500.00. Following the acquisition, the director owned 28,372 shares of the company's stock, valued at $2,430,061.80. The trade was a 54.43% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Harold R. Carpenter acquired 1,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, July 31st. The shares were acquired at an average price of $89.73 per share, with a total value of $89,730.00. Following the transaction, the chief financial officer owned 105,050 shares in the company, valued at approximately $9,426,136.50. This represents a 0.96% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 12,174 shares of company stock worth $1,047,079. 1.46% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on PNFP shares. JPMorgan Chase & Co. upped their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Stephens dropped their target price on Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 29th. Wells Fargo & Company reduced 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 report on Friday, July 25th. Citigroup lowered their price target on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating for the company in a research report on Friday, July 25th. Finally, Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $113.50.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock traded down $0.44 during trading hours on Friday, hitting $97.36. 1,152,237 shares of the company traded hands, compared to its average volume of 1,048,913. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The firm has a market cap of $7.55 billion, a P/E ratio of 12.91 and a beta of 1.07. The firm's 50-day simple moving average is $99.84 and its two-hundred day simple moving average is $102.70. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34.

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

Pinnacle Financial Partners Dividend Announcement

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

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.