Hsbc Holdings PLC Sells 5,664 Shares of Pinnacle Financial Partners, Inc. $PNFP

Hsbc Holdings PLC reduced its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 60.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,748 shares of the financial services provider's stock after selling 5,664 shares during the period. Hsbc Holdings PLC's holdings in Pinnacle Financial Partners were worth $397,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new stake in Pinnacle Financial Partners in the first quarter valued at approximately $48,000. Brooklyn Investment Group increased its stake in shares of Pinnacle Financial Partners by 15.3% during the first quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock worth $88,000 after purchasing an additional 110 shares during the period. UMB Bank n.a. grew its position 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 buying an additional 122 shares in the last quarter. GAMMA Investing LLC grew its position in Pinnacle Financial Partners by 51.7% during the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock worth $171,000 after buying an additional 551 shares in the last quarter. Finally, Portside Wealth Group LLC acquired a new stake in Pinnacle Financial Partners during the first quarter worth approximately $210,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP traded down $1.98 during midday trading on Friday, reaching $97.37. The company's stock had a trading volume of 1,155,899 shares, compared to its average volume of 1,111,655. Pinnacle Financial Partners, Inc. has a 12-month low of $81.57 and a 12-month high of $131.91. The firm has a 50 day moving average price of $101.61 and a 200-day moving average price of $103.40. The stock has a market capitalization of $7.55 billion, a P/E ratio of 12.91 and a beta of 1.07. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $504.99 million for the quarter, compared to analysts' expectations of $495.27 million. During the same quarter in the previous year, the firm posted $1.63 EPS. Pinnacle Financial Partners's revenue was up 15.1% on a year-over-year basis. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 1st were given a $0.24 dividend. The ex-dividend date 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%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PNFP. Truist Financial reaffirmed a "buy" rating and issued a $127.00 target price (up previously from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Hovde Group lowered Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Keefe, Bruyette & Woods lowered their price objective on Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating for the company in a research report on Wednesday, August 13th. Stephens lowered their price objective on Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 29th. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $110.00 price objective (down from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $113.50.

About Pinnacle Financial Partners

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.