Wedge Capital Management L L P NC Sells 10,404 Shares of Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Wedge Capital Management reduced its stake in Pinnacle Financial Partners by 20.2%, now holding approximately $4.53 million worth of shares.
• Analysts have mixed views on Pinnacle Financial Partners, with Wells Fargo and Hovde Group downgrading their ratings, while Truist Financial reaffirmed a "buy" and raised the price target.
• Pinnacle Financial Partners recently reported a quarterly earnings of $2.00 EPS, beating expectations, with revenue of $504.99 million, which represents a 15.1% increase year-over-year.

Wedge Capital Management L L P NC lessened its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 20.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 41,050 shares of the financial services provider's stock after selling 10,404 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.05% of Pinnacle Financial Partners worth $4,532,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PNFP. 1248 Management LLC acquired a new position in shares of Pinnacle Financial Partners in the first quarter valued at approximately $29,000. Golden State Wealth Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the first quarter valued at about $48,000. SVB Wealth LLC bought a new position in shares of Pinnacle Financial Partners in the 1st quarter worth about $51,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth about $57,000. Finally, Brooklyn Investment Group raised its holdings in Pinnacle Financial Partners by 15.3% during the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock worth $88,000 after buying an additional 110 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on PNFP. Barclays dropped their price objective on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Wells Fargo & Company lowered their price objective on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a research report on Friday, July 25th. Stephens reduced their target price on Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. Wall Street Zen raised Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Keefe, Bruyette & Woods reduced their target price on Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating for the company in a report on Wednesday, August 13th. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $113.50.

Insider Activity

In other news, Director Thomas C. Farnsworth III acquired 1,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the purchase, the director owned 28,277 shares in the company, valued at approximately $2,401,848.38. This represents a 3.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Harold R. Carpenter purchased 1,000 shares of the firm's stock in a transaction on Thursday, July 31st. The stock was acquired at an average cost of $89.73 per share, with a total value of $89,730.00. Following the transaction, the chief financial officer directly owned 105,050 shares in the company, valued at $9,426,136.50. This trade represents a 0.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 12,174 shares of company stock valued at $1,047,079 in the last three months. 1.46% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock traded down $1.66 during trading on Friday, hitting $96.02. 2,081,217 shares of the company's stock traded hands, compared to its average volume of 1,109,307. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91. The business has a 50-day simple moving average of $97.62 and a 200-day simple moving average of $102.16. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a market capitalization of $7.45 billion, a P/E ratio of 12.73 and a beta of 1.07.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.08. The company had revenue of $504.99 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.63 EPS. As a group, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

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

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.