Simplicity Wealth LLC Sells 132 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Simplicity Wealth LLC trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,537 shares of the financial services provider’s stock after selling 132 shares during the period. Simplicity Wealth LLC’s holdings in Pinnacle Financial Partners were worth $905,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Town & Country Bank & Trust CO dba First Bankers Trust CO acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter worth $1,563,000. Beacon Capital Management LLC raised its stake in Pinnacle Financial Partners by 101,563.6% during the fourth quarter. Beacon Capital Management LLC now owns 22,366 shares of the financial services provider’s stock worth $2,558,000 after acquiring an additional 22,344 shares in the last quarter. Teacher Retirement System of Texas bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $367,000. Cetera Investment Advisers lifted its holdings in shares of Pinnacle Financial Partners by 25.6% in the fourth quarter. Cetera Investment Advisers now owns 12,290 shares of the financial services provider’s stock worth $1,406,000 after acquiring an additional 2,502 shares during the last quarter. Finally, Sage Investment Counsel LLC acquired a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at approximately $8,671,000. 87.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PNFP shares. Keefe, Bruyette & Woods lowered their price objective on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating for the company in a research report on Thursday, April 17th. JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Truist Financial started coverage on Pinnacle Financial Partners in a report on Tuesday, May 13th. They set a “buy” rating and a $123.00 price objective on the stock. Barclays reduced their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Finally, Hovde Group upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 target price for the company in a research report on Wednesday, April 16th. Four investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus price target of $121.27.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $106.37 on Thursday. The business has a 50-day moving average of $102.35 and a 200-day moving average of $110.94. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $8.25 billion, a price-to-earnings ratio of 17.79 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a 1 year low of $74.33 and a 1 year high of $131.91.

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

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 2nd were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date was Friday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 15.53%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the sale, 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 legal filing with the SEC, which is accessible through this link. 1.46% of the stock is owned by company insiders.

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.