Private Management Group Inc. reduced its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 46.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 135,906 shares of the financial services provider's stock after selling 118,799 shares during the period. Private Management Group Inc. owned 0.18% of Pinnacle Financial Partners worth $15,546,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of PNFP. Ashton Thomas Securities LLC purchased a new stake in Pinnacle Financial Partners in the third quarter valued at about $30,000. UMB Bank n.a. raised its position in shares of 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 purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. acquired a new stake in Pinnacle Financial Partners in the 3rd quarter worth approximately $49,000. Brooklyn Investment Group purchased a new stake in Pinnacle Financial Partners during the 3rd quarter worth approximately $70,000. Finally, GAMMA Investing LLC increased its stake in Pinnacle Financial Partners by 16.5% during the 3rd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider's stock valued at $97,000 after purchasing an additional 141 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.
Insider Activity
In other news, Director David B. Ingram sold 10,309 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $126.00, for a total value of $1,298,934.00. Following the sale, the director now directly owns 82,256 shares of the company's stock, valued at $10,364,256. The trade was a 11.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the completion of the sale, the chairman now owns 123,000 shares of the company's stock, valued at approximately $15,263,070. The trade was a 28.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,970 shares of company stock worth $10,862,061 over the last three months. 1.87% of the stock is currently owned by corporate insiders.
Pinnacle Financial Partners Stock Performance
Shares of NASDAQ:PNFP traded down $2.39 during trading on Friday, hitting $123.76. 315,371 shares of the stock traded hands, compared to its average volume of 508,230. 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 company has a fifty day moving average price of $119.10 and a two-hundred day moving average price of $107.93. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The company has a market cap of $9.56 billion, a price-to-earnings ratio of 20.70 and a beta of 1.09.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts' consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.34 million during the quarter, compared to analysts' expectations of $470.33 million. During the same quarter in the previous year, the company earned $1.68 earnings per share. The firm's revenue for the quarter was up 19.9% on a year-over-year basis. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.
Pinnacle Financial Partners Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders 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 is Friday, February 7th. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 14.72%.
Wall Street Analyst Weigh In
PNFP has been the subject of several research reports. UBS Group started coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a "neutral" rating and a $133.00 price objective for the company. Barclays upgraded Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Hovde Group downgraded Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 target price for the company. in a report on Monday, November 18th. Truist Financial upped their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Finally, Stephens reissued an "overweight" rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $125.18.
Check Out Our Latest Stock Report on PNFP
About Pinnacle Financial Partners
(
Free Report)
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.
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