Peregrine Capital Management LLC Decreases Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Peregrine Capital Management LLC lowered its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 32.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 106,574 shares of the financial services provider's stock after selling 52,326 shares during the period. Peregrine Capital Management LLC owned about 0.14% of Pinnacle Financial Partners worth $9,295,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of PNFP. Emerald Advisers LLC acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth about $27,000. DecisionPoint Financial LLC acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth about $28,000. International Assets Investment Management LLC acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth about $28,000. Fifth Third Bancorp raised its position in shares of 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 purchasing an additional 213 shares during the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Insider Activity

In related news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the transaction, the chief financial officer now directly owns 63,856 shares of the company's stock, valued at approximately $5,250,240.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the transaction, the chief financial officer now directly owns 63,856 shares of the company's stock, valued at approximately $5,250,240.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO M Terry Turner sold 24,057 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the completion of the transaction, the chief executive officer now directly owns 294,790 shares in the company, valued at $24,237,633.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,175 shares of company stock worth $4,487,253. 1.87% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Stock Down 5.8 %

Pinnacle Financial Partners stock traded down $4.93 during mid-day trading on Wednesday, reaching $79.50. 423,500 shares of the company's stock were exchanged, compared to its average volume of 454,075. The company has a market cap of $6.13 billion, a P/E ratio of 11.07 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a twelve month low of $43.31 and a twelve month high of $92.33. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.44. The company has a fifty day moving average of $82.66 and a 200-day moving average of $78.17.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $1.68 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $396.34 million for the quarter, compared to analyst estimates of $416.97 million. During the same period last year, the business earned $1.76 EPS. The company's revenue was down 1.4% on a year-over-year basis. Sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Friday, February 2nd were issued a $0.22 dividend. The ex-dividend date was Thursday, February 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.11%. Pinnacle Financial Partners's payout ratio is 12.26%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PNFP. Barclays began coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They set an "equal weight" rating and a $93.00 price objective for the company. UBS Group dropped their price objective on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a "neutral" rating for the company in a research note on Thursday, January 18th. Stephens reaffirmed an "overweight" rating and set a $108.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 17th. Jefferies Financial Group dropped their price objective on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a "hold" rating for the company in a research note on Monday. Finally, Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a "buy" rating in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $92.57.

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.