Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC trimmed its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 8.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 89,413 shares of the financial services provider's stock after selling 8,339 shares during the quarter. Wedge Capital Management L L P NC owned 0.12% of Pinnacle Financial Partners worth $10,228,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. boosted its stake in Pinnacle Financial Partners by 17.9% in the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider's stock worth $18,282,000 after purchasing an additional 28,327 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Pinnacle Financial Partners in the 3rd quarter valued at approximately $3,606,000. Geode Capital Management LLC boosted its stake in Pinnacle Financial Partners by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider's stock valued at $130,192,000 after purchasing an additional 8,604 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Pinnacle Financial Partners by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider's stock worth $90,141,000 after purchasing an additional 9,856 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock worth $96,332,000 after purchasing an additional 208,938 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Performance

Shares of PNFP traded up $1.85 during mid-day trading on Friday, reaching $119.91. The company had a trading volume of 842,556 shares, compared to its average volume of 381,795. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a 50 day moving average of $119.66 and a two-hundred day moving average of $104.18. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The stock has a market capitalization of $9.26 billion, a P/E ratio of 22.80 and a beta of 1.09.

Insider Buying and Selling

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the sale, the chairman now directly owns 123,000 shares in the company, valued at approximately $15,263,070. The trade was a 28.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David B. Ingram sold 3,610 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $126.07, for a total value of $455,112.70. Following the transaction, the director now directly owns 139,489 shares of the company's stock, valued at $17,585,378.23. The trade was a 2.52 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 76,661 shares of company stock valued at $9,563,127. 1.87% of the stock is owned by company insiders.

Analysts Set New Price Targets

PNFP has been the subject of several research analyst reports. Citigroup lifted their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a report on Tuesday, December 31st. Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. decreased their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating for the company in a report on Tuesday, January 7th. Hovde Group cut 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 report on Monday, November 18th. Finally, Stephens boosted their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Pinnacle Financial Partners currently has an average rating of "Hold" and a consensus price target of $122.73.

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.