Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Ceredex Value Advisors LLC

Ceredex Value Advisors LLC reduced its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 18.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 192,200 shares of the financial services provider's stock after selling 43,700 shares during the quarter. Ceredex Value Advisors LLC owned about 0.25% of Pinnacle Financial Partners worth $16,764,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Emerald Advisers LLC purchased a new position in Pinnacle Financial Partners during the 3rd quarter worth approximately $27,000. International Assets Investment Management LLC purchased a new position in Pinnacle Financial Partners during the 3rd quarter worth approximately $28,000. DecisionPoint Financial LLC purchased a new position in Pinnacle Financial Partners during the 2nd quarter worth approximately $28,000. Fifth Third Bancorp raised its position 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. Finally, Bruce G. Allen Investments LLC purchased a new position in Pinnacle Financial Partners during the 4th quarter worth approximately $32,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Price Performance

PNFP traded up $1.02 on Monday, hitting $83.30. 211,780 shares of the company's stock were exchanged, compared to its average volume of 456,431. Pinnacle Financial Partners, Inc. has a fifty-two week low of $43.31 and a fifty-two week high of $92.33. 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 firm has a 50-day moving average price of $82.99 and a 200-day moving average price of $78.02. The stock has a market cap of $6.42 billion, a price-to-earnings ratio of 11.60 and a beta of 1.08.

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

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Friday, February 2nd were given a dividend of $0.22 per share. The ex-dividend date was Thursday, February 1st. This represents a $0.88 annualized dividend and a dividend yield of 1.06%. Pinnacle Financial Partners's payout ratio is 12.26%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PNFP. Jefferies Financial Group cut their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a "hold" rating for the company in a report on Monday. Truist Financial lifted their target price on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a "buy" rating in a report on Monday, April 1st. UBS Group cut their target price on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a "neutral" rating for the company in a report on Thursday, January 18th. Stephens reaffirmed an "overweight" rating and set a $108.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 17th. Finally, Barclays started coverage on shares of Pinnacle Financial Partners in a report on Friday, March 8th. They set an "equal weight" rating and a $93.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $92.57.

Insider Activity

In other news, Chairman Robert A. Mccabe, Jr. sold 6,331 shares of the business's stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $87.43, for a total transaction of $553,519.33. Following the transaction, the chairman now owns 202,699 shares of the company's stock, valued at approximately $17,721,973.57. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Harold R. Carpenter sold 6,306 shares of the business's stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at approximately $5,250,240.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Robert A. Mccabe, Jr. sold 6,331 shares of the business's stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $87.43, for a total transaction of $553,519.33. Following the completion of the sale, 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. In the last quarter, insiders have sold 54,175 shares of company stock valued at $4,487,253. 1.87% of the stock is currently owned by insiders.

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.