Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stake Reduced by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC cut its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 42.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 about 0.07% of Pinnacle Financial Partners worth $5,456,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. UMB Bank n.a. raised its position in Pinnacle Financial Partners by 16.6% in 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 in the last quarter. Independence Bank of Kentucky raised its position in Pinnacle Financial Partners by 10.4% in the first quarter. Independence Bank of Kentucky now owns 7,060 shares of the financial services provider's stock worth $749,000 after acquiring an additional 665 shares in the last quarter. Vest Financial LLC bought a new stake in Pinnacle Financial Partners in the first quarter worth about $1,006,000. Portside Wealth Group LLC bought a new stake in Pinnacle Financial Partners in the first quarter worth about $210,000. Finally, Lbmc Investment Advisors LLC increased its stake in Pinnacle Financial Partners by 10.1% in the 1st quarter. Lbmc Investment Advisors LLC now owns 17,141 shares of the financial services provider's stock worth $1,818,000 after purchasing an additional 1,570 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PNFP. Truist Financial began coverage on Pinnacle Financial Partners in a research note on Tuesday, May 13th. They issued a "buy" rating and a $123.00 price target on the stock. Keefe, Bruyette & Woods dropped their price target on 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. Wells Fargo & Company dropped their price target on 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. Hovde Group raised 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, Barclays dropped their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and an average price target of $121.27.

Insider Activity at Pinnacle Financial Partners

In related news, CEO M Terry Turner sold 2,000 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer now owns 254,552 shares of the company's stock, valued at approximately $25,615,567.76. The trade was a 0.78% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Glenda Baskin Glover sold 3,000 shares of the business's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the completion of the sale, the director now directly owns 9,943 shares of the company's stock, valued at approximately $1,009,711.65. The trade was a 23.18% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,041 shares of company stock valued at $509,986. 1.46% of the stock is owned by corporate insiders.

Pinnacle Financial Partners Trading Up 2.4%

NASDAQ:PNFP opened at $108.05 on Monday. 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 fifty-two week low of $73.62 and a fifty-two week high of $131.91. The stock's 50-day moving average is $101.61 and its two-hundred day moving average is $111.12. The stock has a market cap of $8.38 billion, a PE ratio of 18.07 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.08. The company had revenue of $475.37 million for the quarter, compared to analysts' expectations 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 quarter in the previous year, the business posted $1.53 EPS. As a group, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors 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 annualized dividend and a dividend yield of 0.89%. Pinnacle Financial Partners's 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.

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