Wedge Capital Management L L P NC Sells 37,959 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Wedge Capital Management L L P NC cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 42.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 51,454 shares of the financial services provider's stock after selling 37,959 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.07% of Pinnacle Financial Partners worth $5,456,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNFP. Kapitalo Investimentos Ltda acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth about $78,000. UMB Bank n.a. increased its holdings in shares of 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. Principal Securities Inc. raised its stake in shares of Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock valued at $92,000 after acquiring an additional 91 shares during the last quarter. Values First Advisors Inc. boosted its holdings in shares of Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock worth $167,000 after acquiring an additional 955 shares in the last quarter. Finally, Blair William & Co. IL bought a new stake in Pinnacle Financial Partners during the 4th quarter worth approximately $200,000. 87.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PNFP shares. Keefe, Bruyette & Woods cut their price objective on 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. JPMorgan Chase & Co. decreased their price objective on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Jefferies Financial Group initiated coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, May 21st. They issued a "buy" rating and a $135.00 price objective for the company. Truist Financial initiated coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 13th. They set a "buy" rating and a $123.00 target price on the stock. Finally, Barclays lowered their price target on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and a consensus price target of $121.27.

Pinnacle Financial Partners Trading Down 0.8%

Shares of Pinnacle Financial Partners stock traded down $0.85 on Thursday, hitting $105.52. 402,743 shares of the company's stock traded hands, compared to its average volume of 502,649. The firm's 50-day moving average price is $102.35 and its two-hundred day moving average price is $110.94. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $8.18 billion, a PE ratio of 17.65 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a one year low of $74.33 and a one year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data 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. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. During the same quarter in the prior year, the company posted $1.53 earnings per share. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 2nd were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.91%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 15.53%.

Insider Activity at Pinnacle Financial Partners

In related news, Director Glenda Baskin Glover sold 3,000 shares of the firm's stock in a transaction 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 sale, the director now owns 9,943 shares of the company's stock, valued at approximately $1,009,711.65. This trade represents a 23.18% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.46% of the stock is currently owned by corporate insiders.

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.