Salzhauer Michael Cuts Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Salzhauer Michael decreased its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 16.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 47,323 shares of the financial services provider's stock after selling 9,006 shares during the quarter. Pinnacle Financial Partners makes up 1.8% of Salzhauer Michael's holdings, making the stock its 11th biggest position. Salzhauer Michael owned about 0.06% of Pinnacle Financial Partners worth $5,413,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. OneDigital Investment Advisors LLC boosted its position in Pinnacle Financial Partners by 1.3% during the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider's stock worth $651,000 after acquiring an additional 88 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Pinnacle Financial Partners by 0.6% during the third quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider's stock worth $1,761,000 after acquiring an additional 100 shares during the last quarter. Blue Trust Inc. boosted its position in Pinnacle Financial Partners by 10.6% during the third quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider's stock worth $129,000 after acquiring an additional 126 shares during the last quarter. Strategic Blueprint LLC boosted its position in Pinnacle Financial Partners by 3.4% during the third quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider's stock worth $394,000 after acquiring an additional 133 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in Pinnacle Financial Partners by 16.5% during the third quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider's stock worth $97,000 after purchasing an additional 141 shares during the period. Institutional investors and hedge funds own 87.40% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Citigroup lifted their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a research note on Tuesday, December 31st. Truist Financial lifted 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. Hovde Group downgraded shares of Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 target price on the stock. in a research note on Monday, November 18th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 7th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $125.18.

Pinnacle Financial Partners Stock Up 0.5 %

NASDAQ PNFP traded up $0.58 on Thursday, hitting $119.85. 453,410 shares of the stock were exchanged, compared to its average volume of 481,428. 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, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a market cap of $9.26 billion, a PE ratio of 20.04 and a beta of 1.09. The company has a 50-day moving average price of $118.92 and a 200-day moving average price of $108.46.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $475.34 million during the quarter, compared to analysts' expectations of $470.33 million. During the same quarter in the prior year, the business posted $1.68 EPS. The company's revenue for the quarter was up 19.9% on a year-over-year basis. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be issued a $0.24 dividend. This is a boost from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 0.80%. Pinnacle Financial Partners's dividend payout ratio is presently 14.72%.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the company's stock in a transaction on Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the sale, the chairman now owns 123,000 shares in the company, valued at $15,263,070. This represents a 28.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the company's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the sale, the chief financial officer now owns 60,805 shares of the company's stock, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 126,970 shares of company stock worth $15,922,061 in the last 90 days. 1.87% of the stock is owned by insiders.

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.