Carolinas Wealth Consulting LLC Sells 2,936 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

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

Several other large investors also recently made changes to their positions in PNFP. KBC Group NV boosted its holdings in shares of Pinnacle Financial Partners by 1,054.3% in the fourth quarter. KBC Group NV now owns 26,722 shares of the financial services provider's stock worth $3,057,000 after buying an additional 24,407 shares during the period. Beacon Capital Management LLC boosted its holdings in shares of Pinnacle Financial Partners by 101,563.6% in the fourth quarter. Beacon Capital Management LLC now owns 22,366 shares of the financial services provider's stock worth $2,558,000 after buying an additional 22,344 shares during the period. Teacher Retirement System of Texas acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $367,000. Waldron Private Wealth LLC acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $239,000. Finally, Sage Investment Counsel LLC acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $8,671,000. Institutional investors own 87.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Truist Financial assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 13th. They set a "buy" rating and a $123.00 price target for the company. 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 research note on Wednesday, April 9th. Keefe, Bruyette & Woods decreased their price target on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. Hovde Group upgraded 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 note on Wednesday, April 16th. Finally, JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Four 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's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $121.27.

Insider Activity

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 transaction of $304,650.00. Following the transaction, the director now owns 9,943 shares of the company's stock, 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 Securities & Exchange Commission, which is available at this link. Also, CEO M Terry Turner sold 2,000 shares of the business's 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 completion of the transaction, the chief executive officer now directly owns 254,552 shares in the company, valued at approximately $25,615,567.76. This represents a 0.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,041 shares of company stock worth $509,986 over the last quarter. 1.46% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Price Performance

NASDAQ:PNFP traded down $0.90 during trading hours on Friday, hitting $106.35. The company's stock had a trading volume of 337,939 shares, compared to its average volume of 502,895. The stock has a fifty day simple moving average of $101.65 and a 200-day simple moving average of $111.99. The company has a market capitalization of $8.25 billion, a P/E ratio of 17.78 and a beta of 1.00. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. 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 posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, topping analysts' consensus estimates of $1.82 by $0.08. The company had revenue of $475.37 million for the quarter, compared to analyst estimates 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 in the previous year, the firm earned $1.53 earnings per share. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

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.