Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Equitable Trust Co.

Equitable Trust Co. lowered its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,389 shares of the financial services provider’s stock after selling 409 shares during the quarter. Equitable Trust Co.’s holdings in Pinnacle Financial Partners were worth $1,303,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNFP. Ashton Thomas Securities LLC acquired a new position in Pinnacle Financial Partners in the third quarter valued at $30,000. UMB Bank n.a. lifted its stake in shares of Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares in the last quarter. Values First Advisors Inc. acquired a new position in shares of Pinnacle Financial Partners during the third quarter worth about $49,000. Brooklyn Investment Group acquired a new position in shares of Pinnacle Financial Partners during the third quarter worth about $70,000. Finally, GAMMA Investing LLC lifted its stake in shares of Pinnacle Financial Partners by 16.5% during the third quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $97,000 after purchasing an additional 141 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Ratings Changes

PNFP has been the topic of a number of recent research reports. UBS Group initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective on the stock. Stephens restated an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Citigroup boosted their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st. JPMorgan Chase & Co. dropped their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, Truist Financial lifted their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and an average target price of $125.18.

Insider Activity at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the transaction, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the transaction, the chairman now directly owns 123,000 shares of the company’s stock, valued at $15,263,070. This trade represents a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 126,970 shares of company stock valued at $15,922,061 over the last three months. 1.87% of the stock is owned by insiders.

Pinnacle Financial Partners Stock Down 1.2 %

Shares of Pinnacle Financial Partners stock opened at $122.33 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The firm has a market cap of $9.45 billion, a P/E ratio of 20.46 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The business has a 50-day moving average price of $119.10 and a 200 day moving average price of $108.02.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.10. The firm had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. Pinnacle Financial Partners’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.68 earnings per share. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be issued a $0.24 dividend. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.78%. The ex-dividend date of this dividend is Friday, February 7th. Pinnacle Financial Partners’s payout ratio is currently 14.72%.

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.