Carolinas Wealth Consulting LLC Reduces Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Carolinas Wealth Consulting LLC lowered its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 3.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 78,582 shares of the financial services provider's stock after selling 2,936 shares during the period. Pinnacle Financial Partners makes up about 1.6% of Carolinas Wealth Consulting LLC's holdings, making the stock its 19th biggest position. Carolinas Wealth Consulting LLC owned 0.10% of Pinnacle Financial Partners worth $8,989,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PNFP. Barclays PLC raised its holdings in shares of Pinnacle Financial Partners by 117.0% during the third quarter. Barclays PLC now owns 167,838 shares of the financial services provider's stock valued at $16,442,000 after purchasing an additional 90,478 shares during the period. Ballentine Partners LLC bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at about $228,000. Crossmark Global Holdings Inc. raised its stake in Pinnacle Financial Partners by 3.6% during the 4th quarter. Crossmark Global Holdings Inc. now owns 6,084 shares of the financial services provider's stock worth $696,000 after buying an additional 210 shares during the period. Atomi Financial Group Inc. bought a new position in Pinnacle Financial Partners in the fourth quarter worth approximately $221,000. Finally, Tennessee Valley Asset Management Partners bought a new position in Pinnacle Financial Partners in the fourth quarter worth approximately $209,000. 87.40% of the stock is currently owned by institutional investors.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the business's stock in a transaction 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 directly owns 9,943 shares in the company, valued at $1,009,711.65. The trade was a 23.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO M Terry Turner sold 2,000 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the transaction, the chief executive officer now owns 254,552 shares of the company's stock, valued at $25,615,567.76. The trade was a 0.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,041 shares of company stock worth $509,986 in the last ninety days. Company insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Down 0.8%

NASDAQ:PNFP traded down $0.90 on Friday, hitting $106.35. The stock had a trading volume of 337,939 shares, compared to its average volume of 502,017. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The firm's fifty day simple moving average is $101.65 and its two-hundred day simple moving average is $111.99. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $8.25 billion, a P/E ratio of 17.78 and a beta of 1.00.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, beating analysts' consensus estimates of $1.82 by $0.08. The company had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same period last year, the business posted $1.53 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 firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.90%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio is presently 15.53%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PNFP. Jefferies Financial Group started coverage on Pinnacle Financial Partners in a research report on Wednesday, May 21st. They set a "buy" rating and a $135.00 target price on the stock. Wells Fargo & Company lowered 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. Truist Financial began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 13th. They set a "buy" rating and a $123.00 price objective for the company. Keefe, Bruyette & Woods decreased their target price on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. Finally, JPMorgan Chase & Co. dropped their price target on shares of 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 investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $121.27.

Pinnacle Financial Partners 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.