Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Silvercrest Asset Management Group LLC

Silvercrest Asset Management Group LLC lowered its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 94,126 shares of the financial services provider’s stock after selling 390 shares during the quarter. Silvercrest Asset Management Group LLC’s holdings in Pinnacle Financial Partners were worth $10,767,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Principal Securities Inc. raised its position in Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after purchasing an additional 91 shares in the last quarter. Sage Mountain Advisors LLC raised its position in Pinnacle Financial Partners by 0.3% in the 4th quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider’s stock valued at $4,141,000 after purchasing an additional 99 shares in the last quarter. Utah Retirement Systems raised its position in Pinnacle Financial Partners by 2.5% in the 4th quarter. Utah Retirement Systems now owns 4,090 shares of the financial services provider’s stock valued at $468,000 after purchasing an additional 100 shares in the last quarter. First Horizon Advisors Inc. raised its position in Pinnacle Financial Partners by 3.1% in the 4th quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock valued at $389,000 after purchasing an additional 102 shares in the last quarter. Finally, Cahaba Wealth Management Inc. increased its holdings in shares of Pinnacle Financial Partners by 1.7% in the 4th quarter. Cahaba Wealth Management Inc. now owns 6,625 shares of the financial services provider’s stock valued at $758,000 after acquiring an additional 113 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the transaction, the director now directly owns 9,943 shares in the company, valued at approximately $1,009,711.65. This trade represents a 23.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the transaction, the chief executive officer now owns 254,552 shares in the company, valued at $25,615,567.76. This trade represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,041 shares of company stock worth $5,062,386. 1.46% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PNFP shares. Hovde Group upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price objective on the stock in a report on Wednesday, April 16th. Stephens reiterated an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Barclays dropped their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Wells Fargo & Company dropped their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Finally, Truist Financial started coverage on Pinnacle Financial Partners in a report on Tuesday, May 13th. They issued a “buy” rating and a $123.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $119.90.

Pinnacle Financial Partners Trading Up 0.4%

NASDAQ:PNFP opened at $111.36 on Friday. The stock’s 50 day moving average price is $101.14 and its 200 day moving average price is $112.38. The company has a market capitalization of $8.64 billion, a PE ratio of 18.62 and a beta of 1.00. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.08. The firm had revenue of $475.37 million for the quarter, compared to the consensus estimate of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same quarter last year, the business posted $1.53 EPS. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 0.86%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 15.53%.

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.