Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Oliver Luxxe Assets LLC

Oliver Luxxe Assets LLC trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.9% in the first quarter, HoldingsChannel reports. The institutional investor owned 7,020 shares of the financial services provider’s stock after selling 137 shares during the period. Oliver Luxxe Assets LLC’s holdings in Pinnacle Financial Partners were worth $603,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. First Bank & Trust acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth $373,000. Independence Bank of Kentucky acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth $333,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Pinnacle Financial Partners by 35.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 16,875 shares of the financial services provider’s stock worth $1,449,000 after buying an additional 4,371 shares during the last quarter. Lbmc Investment Advisors LLC increased its holdings in shares of Pinnacle Financial Partners by 52.5% during the 1st quarter. Lbmc Investment Advisors LLC now owns 14,531 shares of the financial services provider’s stock worth $1,248,000 after buying an additional 5,005 shares during the last quarter. Finally, Anderson Hoagland & Co. acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth $1,990,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Jefferies Financial Group decreased their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Monday, April 8th. Truist Financial decreased their price target on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Stephens decreased their price target on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Barclays assumed coverage on shares of Pinnacle Financial Partners in a research report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price target for the company. Finally, JPMorgan Chase & Co. decreased their price target on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Hold” and a consensus target price of $94.25.

Insider Transactions at Pinnacle Financial Partners

In other news, CEO M Terry Turner sold 72,000 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the transaction, the chief executive officer now owns 222,790 shares of the company’s stock, valued at $18,039,306.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the transaction, the chairman now owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO M Terry Turner sold 72,000 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the transaction, the chief executive officer now directly owns 222,790 shares in the company, valued at approximately $18,039,306.30. The disclosure for this sale can be found here. Corporate insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $79.18 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a 50-day moving average of $79.35 and a two-hundred day moving average of $82.30. The stock has a market cap of $6.11 billion, a P/E ratio of 11.33 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 1-year low of $55.38 and a 1-year high of $92.33.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.52 by $0.01. The company had revenue of $428.14 million during the quarter, compared to analysts’ expectations of $413.27 million. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 6.74 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 3rd were given a dividend of $0.22 per share. The ex-dividend date was Thursday, May 2nd. This represents a $0.88 annualized dividend and a dividend yield of 1.11%. Pinnacle Financial Partners’s payout ratio is 12.59%.

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.