Pinnacle Financial Partners, Inc. $PNFP Shares Sold by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. significantly reduced its stake in Pinnacle Financial Partners, selling 430,294 shares and holding just 4,455 shares worth $472,000 by the end of Q1 2023.
• Investment analysts have provided mixed ratings for Pinnacle Financial Partners, with a consensus rating of "Hold" and a price target of $113.50.
• Insider trading activity shows that CFO Harold R. Carpenter and Director Thomas C. Farnsworth III each acquired additional shares of the company, indicating confidence in the business's performance.

Jacobs Levy Equity Management Inc. lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 99.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,455 shares of the financial services provider's stock after selling 430,294 shares during the quarter. Jacobs Levy Equity Management Inc.'s holdings in Pinnacle Financial Partners were worth $472,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC purchased a new position in shares of Pinnacle Financial Partners during the first quarter worth about $48,000. SVB Wealth LLC purchased a new position in shares of Pinnacle Financial Partners during the first quarter worth about $51,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Pinnacle Financial Partners during the first quarter worth about $57,000. Brooklyn Investment Group grew its holdings 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 last quarter. Finally, UMB Bank n.a. grew 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 purchasing an additional 122 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Jefferies Financial Group reiterated a "hold" rating and set a $110.00 target price (down previously from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. UBS Group decreased their target price on shares of Pinnacle Financial Partners from $121.00 to $108.00 and set a "neutral" rating for the company in a research note on Tuesday, September 2nd. Keefe, Bruyette & Woods decreased their target price on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating for the company in a research note on Wednesday, August 13th. Finally, JPMorgan Chase & Co. increased their target price on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Four analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $113.50.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Director G Kennedy Thompson purchased 10,000 shares of the firm's stock in a transaction on Friday, August 1st. The shares were bought at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the acquisition, the director directly owned 28,372 shares in the company, valued at $2,430,061.80. This trade represents a 54.43% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CFO Harold R. Carpenter purchased 1,000 shares of the firm's stock in a transaction on Thursday, July 31st. The stock was bought at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the acquisition, the chief financial officer owned 105,050 shares in the company, valued at $9,426,136.50. The trade was a 0.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 12,174 shares of company stock worth $1,047,079 in the last quarter. 1.46% of the stock is owned by insiders.

Pinnacle Financial Partners Trading Up 0.8%

PNFP stock traded up $0.75 during midday trading on Thursday, hitting $97.68. The stock had a trading volume of 1,193,648 shares, compared to its average volume of 1,074,709. The firm has a market cap of $7.58 billion, a PE ratio of 12.95 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, Inc. has a 12-month low of $81.57 and a 12-month high of $131.91. The company's 50-day moving average price is $98.06 and its 200 day moving average price is $102.31.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping the consensus estimate of $1.92 by $0.08. The firm had revenue of $504.99 million during the quarter, compared to analysts' expectations of $495.27 million. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. Pinnacle Financial Partners's revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.63 EPS. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 1st were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Friday, August 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is 12.73%.

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.