Sagespring Wealth Partners LLC Acquires New Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Sagespring Wealth Partners LLC purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 18,894 shares of the financial services provider's stock, valued at approximately $2,161,000.

A number of other large investors have also added to or reduced their stakes in the stock. Principal Securities Inc. boosted its holdings in shares of Pinnacle Financial Partners by 12.7% during 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 during the last quarter. Sage Mountain Advisors LLC boosted its stake in shares of Pinnacle Financial Partners by 0.3% during the 4th quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider's stock worth $4,141,000 after purchasing an additional 99 shares during the period. First Horizon Advisors Inc. lifted its stake in shares of Pinnacle Financial Partners by 3.1% during the 4th quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider's stock worth $389,000 after acquiring an additional 102 shares during the last quarter. Legacy Financial Advisors Inc. boosted its stake in shares of Pinnacle Financial Partners by 5.3% during the fourth quarter. Legacy Financial Advisors Inc. now owns 2,414 shares of the financial services provider's stock valued at $276,000 after purchasing an additional 122 shares during the period. Finally, Quadrant Capital Group LLC grew its stake in Pinnacle Financial Partners by 3.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,352 shares of the financial services provider's stock worth $383,000 after acquiring an additional 126 shares in the last quarter. Institutional investors own 87.40% of the company's stock.

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Analyst Ratings Changes

Several equities analysts have recently commented on the company. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target on the stock in a research note on Wednesday. Wells Fargo & Company dropped their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Stephens restated an "overweight" rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Barclays decreased their target price on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and an average price target of $121.50.

Pinnacle Financial Partners Stock Up 0.4 %

PNFP traded up $0.39 on Wednesday, hitting $94.75. 971,837 shares of the company were exchanged, compared to its average volume of 507,756. The firm has a 50-day moving average price of $106.39 and a two-hundred day moving average price of $111.89. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a market cap of $7.33 billion, a price-to-earnings ratio of 15.84 and a beta of 0.94.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, topping analysts' consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. During the same period in the previous year, the company posted $1.53 earnings per share. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 1.01%. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 16.05%.

Insider Buying and Selling

In related news, CEO M Terry Turner sold 2,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the sale, the chief executive officer now owns 254,552 shares in the company, valued at $25,615,567.76. This represents a 0.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of the business's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the completion of the transaction, the director now directly owns 9,943 shares in the company, valued at approximately $1,009,711.65. The trade was a 23.18 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,350 shares of company stock worth $11,421,320. Corporate insiders own 1.46% of the company's stock.

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.