SG Americas Securities LLC Lowers Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

SG Americas Securities LLC cut its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 82.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,561 shares of the financial services provider's stock after selling 21,072 shares during the quarter. SG Americas Securities LLC's holdings in Pinnacle Financial Partners were worth $398,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PNFP. Bruce G. Allen Investments LLC purchased a new position in Pinnacle Financial Partners during the 4th quarter worth $32,000. Emerald Advisers LLC purchased a new position in Pinnacle Financial Partners during the 3rd quarter worth $27,000. Fifth Third Bancorp grew its stake in Pinnacle Financial Partners by 101.4% during the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider's stock worth $28,000 after buying an additional 213 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Pinnacle Financial Partners during the 3rd quarter worth $28,000. Finally, DecisionPoint Financial LLC purchased a new position in Pinnacle Financial Partners during the 2nd quarter worth $28,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Price Performance

NASDAQ:PNFP traded up $1.01 during trading hours on Friday, hitting $82.28. 303,745 shares of the stock were exchanged, compared to its average volume of 355,138. Pinnacle Financial Partners, Inc. has a 52-week low of $43.31 and a 52-week high of $92.33. The firm's fifty day moving average price is $83.15 and its 200 day moving average price is $77.90. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.44. The company has a market cap of $6.34 billion, a P/E ratio of 11.46 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.67 by $0.01. The company had revenue of $396.34 million during the quarter, compared to analyst estimates of $416.97 million. Pinnacle Financial Partners had a return on equity of 9.78% and a net margin of 20.17%. Pinnacle Financial Partners's quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.76 EPS. As a group, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Friday, February 2nd were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date of this dividend was Thursday, February 1st. Pinnacle Financial Partners's dividend payout ratio is presently 12.26%.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 6,331 shares of the company's stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $87.43, for a total value of $553,519.33. Following the transaction, the chairman now directly owns 202,699 shares in the company, valued at $17,721,973.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the company's stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the transaction, the chief financial officer now directly owns 63,856 shares in the company, valued at $5,250,240.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 6,331 shares of the company's stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $87.43, for a total value of $553,519.33. Following the transaction, the chairman now owns 202,699 shares in the company, valued at $17,721,973.57. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,175 shares of company stock worth $4,487,253. Insiders own 1.87% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on PNFP shares. Truist Financial lifted their price target on Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a "buy" rating in a research report on Monday, April 1st. Barclays started coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They set an "equal weight" rating and a $93.00 price target for the company. Stephens reaffirmed an "overweight" rating and set a $108.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 17th. Finally, UBS Group lowered their price target on Pinnacle Financial Partners from $91.00 to $90.00 and set a "neutral" rating for the company in a research report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $90.57.

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.