Private Management Group Inc. Sells 99,692 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Private Management Group Inc. reduced its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 28.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 254,705 shares of the financial services provider's stock after selling 99,692 shares during the period. Private Management Group Inc. owned approximately 0.33% of Pinnacle Financial Partners worth $24,953,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PNFP. Norden Group LLC purchased a new position in Pinnacle Financial Partners in the 1st quarter worth approximately $1,065,000. Jennison Associates LLC lifted its holdings in shares of Pinnacle Financial Partners by 2.4% during the 1st quarter. Jennison Associates LLC now owns 1,097,395 shares of the financial services provider's stock worth $94,244,000 after acquiring an additional 26,216 shares during the last quarter. Atria Investments Inc grew its position in Pinnacle Financial Partners by 40.9% in the first quarter. Atria Investments Inc now owns 43,241 shares of the financial services provider's stock worth $3,713,000 after acquiring an additional 12,551 shares in the last quarter. Sei Investments Co. increased its stake in Pinnacle Financial Partners by 34.6% in the first quarter. Sei Investments Co. now owns 231,604 shares of the financial services provider's stock valued at $19,890,000 after acquiring an additional 59,583 shares during the last quarter. Finally, Edgestream Partners L.P. raised its position in Pinnacle Financial Partners by 1,017.9% during the second quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider's stock valued at $5,688,000 after purchasing an additional 64,707 shares in the last quarter. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Trading Down 0.6 %

NASDAQ PNFP traded down $0.59 during trading on Friday, hitting $104.64. The company had a trading volume of 265,384 shares, compared to its average volume of 466,535. The company's fifty day moving average is $98.42 and its 200-day moving average is $88.68. Pinnacle Financial Partners, Inc. has a one year low of $63.36 and a one year high of $108.43. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The company has a market cap of $8.08 billion, a price-to-earnings ratio of 19.89 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The business had revenue of $810.11 million for the quarter, compared to analysts' expectations of $454.18 million. During the same period in the previous year, the firm posted $1.79 EPS. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 6.81 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.84%. Pinnacle Financial Partners's payout ratio is 16.73%.

Analyst Upgrades and Downgrades

PNFP has been the topic of a number of research reports. Wells Fargo & Company raised their price objective on Pinnacle Financial Partners from $100.00 to $104.00 and gave the company an "equal weight" rating in a report on Thursday, October 17th. Piper Sandler cut shares of Pinnacle Financial Partners from an "overweight" rating to a "neutral" rating and upped their price objective for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. Barclays lifted their target price on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 17th. Stephens upped their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, October 17th. Finally, Hovde Group lifted their price objective on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an "outperform" rating in a report on Friday, September 27th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $106.60.

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.