Pinnacle Financial Partners, Inc. $PNFP Shares Sold by Sterling Capital Management LLC

Key Points

• Sterling Capital Management cut its Pinnacle Financial Partners stake by 93.2% in the third quarter, selling 55,999 shares and retaining 4,071 shares valued at approximately $381,000. Institutional investors collectively own 87.4% of PNFP.
• Pinnacle reported quarterly EPS of $2.69, beating the $2.62 consensus estimate, while revenue reached $1.32 billion versus expectations of $1.28 billion. The company also declared a quarterly dividend of $0.50 per share, implying a 2.0% annual yield.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $120.15, compared with the stock’s reported price of $101.70.

Sterling Capital Management LLC lessened its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 93.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,071 shares of the company's stock after selling 55,999 shares during the period. Sterling Capital Management LLC's holdings in Pinnacle Financial Partners were worth $381,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PNFP. Resources Management Corp CT ADV bought a new stake in shares of Pinnacle Financial Partners in the first quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in shares of Pinnacle Financial Partners by 97.7% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company's stock worth $30,000 after buying an additional 173 shares during the last quarter. Basecamp Wealth Advisors LLC grew its position in Pinnacle Financial Partners by 112.2% during the first quarter. Basecamp Wealth Advisors LLC now owns 399 shares of the company's stock valued at $34,000 after buying an additional 211 shares during the period. Leonteq Securities AG purchased a new stake in Pinnacle Financial Partners during the first quarter valued at approximately $38,000. Finally, Root Financial Partners LLC purchased a new stake in Pinnacle Financial Partners during the third quarter valued at approximately $42,000. 87.40% of the stock is currently owned by institutional investors.

Insider Activity at Pinnacle Financial Partners

In related news, Director Gregory G. Montana bought 500 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were acquired at an average price of $98.61 per share, with a total value of $49,305.00. Following the completion of the transaction, the director owned 4,959 shares in the company, valued at $489,006.99. The trade was a 11.21% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Kevin S. Blair acquired 2,565 shares of the company's stock in a transaction dated Tuesday, September 1st. The shares were bought at an average price of $97.48 per share, for a total transaction of $250,036.20. Following the purchase, the chief executive officer owned 152,397 shares in the company, valued at approximately $14,855,659.56. This represents a 1.71% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders purchased 13,065 shares of company stock worth $1,290,941 and sold 177,228 shares worth $19,153,713. Corporate insiders own 1.30% of the company's stock.

Pinnacle Financial Partners Trading Up 2.2%

Pinnacle Financial Partners stock opened at $101.70 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.73. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33. The company has a market capitalization of $7.89 billion, a price-to-earnings ratio of 10.13, a price-to-earnings-growth ratio of 0.38 and a beta of 1.03. The stock has a 50-day moving average price of $97.54 and a 200 day moving average price of $96.76.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued its quarterly earnings results on Wednesday, October 21st. The company reported $2.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.62 by $0.07. Pinnacle Financial Partners had a return on equity of 11.33% and a net margin of 15.97%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 6th will be issued a dividend of $0.50 per share. The ex-dividend date is Friday, November 6th. This represents a $2.00 annualized dividend and a yield of 2.0%. Pinnacle Financial Partners's payout ratio is currently 26.70%.

Analyst Ratings Changes

Several research analysts have recently weighed in on PNFP shares. Evercore reiterated an "outperform" rating on shares of Pinnacle Financial Partners in a research note on Tuesday. Wells Fargo & Company upgraded Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and set a $118.00 target price on the stock in a research report on Wednesday, September 30th. Truist Financial upped their price target on Pinnacle Financial Partners from $112.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday. Stephens set a $112.00 price objective on Pinnacle Financial Partners in a research note on Monday, July 27th. Finally, Benchmark lifted their price objective on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $120.15.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.

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