Ausbil Investment Management Ltd Sells 5,037 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Ausbil Investment Management Ltd lowered its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 62.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,035 shares of the financial services provider's stock after selling 5,037 shares during the period. Ausbil Investment Management Ltd's holdings in Pinnacle Financial Partners were worth $350,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently modified their holdings of the company. Ashton Thomas Securities LLC acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $30,000. UMB Bank n.a. grew its holdings in Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider's stock valued at $49,000 after buying an additional 226 shares in the last quarter. Values First Advisors Inc. acquired a new position in Pinnacle Financial Partners in the 3rd quarter valued at about $49,000. Quarry LP lifted its holdings in Pinnacle Financial Partners by 3,500.0% in the second quarter. Quarry LP now owns 756 shares of the financial services provider's stock valued at $61,000 after acquiring an additional 735 shares during the last quarter. Finally, Brooklyn Investment Group purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth $70,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

PNFP traded up $1.42 on Wednesday, hitting $125.14. The company's stock had a trading volume of 250,490 shares, compared to its average volume of 491,096. The company's 50 day simple moving average is $119.22 and its 200-day simple moving average is $107.39. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The firm has a market cap of $9.67 billion, a P/E ratio of 20.93 and a beta of 1.09. 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 (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping 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%. The business's revenue was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.68 EPS. Analysts forecast that Pinnacle Financial Partners, Inc. will post 7.79 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced 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. The ex-dividend date is Friday, February 7th. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.77%. Pinnacle Financial Partners's dividend payout ratio (DPR) is 14.72%.

Analyst Upgrades and Downgrades

PNFP has been the subject of a number of analyst reports. Truist Financial boosted their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Wells Fargo & Company increased their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 23rd. Barclays raised shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Finally, Stephens reiterated an "overweight" rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Pinnacle Financial Partners presently has an average rating of "Hold" and a consensus price target of $125.18.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter sold 3,051 shares of the 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 transaction, the chief financial officer now owns 60,805 shares in the company, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David B. Ingram sold 20,000 shares of the company's stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the sale, the director now directly owns 92,565 shares of the company's stock, valued at approximately $11,665,041.30. This represents a 17.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 86,970 shares of company stock valued at $10,862,061 over the last 90 days. Insiders own 1.87% of the company's stock.

Pinnacle Financial Partners 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.