Spire Wealth Management Lowers Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Spire Wealth Management cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 30.9% during the 4th quarter, Holdings Channel.com reports. The firm owned 492 shares of the financial services provider’s stock after selling 220 shares during the quarter. Spire Wealth Management’s holdings in Pinnacle Financial Partners were worth $56,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Ashton Thomas Securities LLC purchased a new stake in Pinnacle Financial Partners during the third quarter valued at approximately $30,000. UMB Bank n.a. grew its stake in Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares in the last quarter. Values First Advisors Inc. bought a new stake in Pinnacle Financial Partners during the 3rd quarter valued at $49,000. Brooklyn Investment Group bought a new stake in Pinnacle Financial Partners during the 3rd quarter valued at $70,000. Finally, GAMMA Investing LLC boosted its position 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 acquiring an additional 141 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 3,610 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $126.07, for a total value of $455,112.70. Following the completion of the transaction, the director now owns 139,489 shares of the company’s stock, valued at $17,585,378.23. This represents a 2.52 % decrease in their position. The transaction 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 that occurred on 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 completion of the transaction, the chairman now directly owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. The trade was a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 86,970 shares of company stock worth $10,862,061 over the last 90 days. 1.87% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Trading Down 1.9 %

Shares of NASDAQ PNFP opened at $123.76 on Monday. The stock’s 50 day simple moving average is $119.10 and its 200 day simple moving average is $107.93. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. 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, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly 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 return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. During the same period last year, the firm earned $1.68 EPS. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be issued a dividend of $0.24 per share. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.78%. Pinnacle Financial Partners’s payout ratio is currently 14.72%.

Analyst Ratings Changes

Several analysts have recently commented on the company. UBS Group started coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective for the company. Wells Fargo & Company increased their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 23rd. Citigroup raised their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Truist Financial raised 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. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus target price of $125.18.

Pinnacle Financial Partners 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.