American Trust Acquires Shares of 2,589 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

American Trust acquired a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Get Rating) during the third quarter, Holdings Channel reports. The fund acquired 2,589 shares of the financial services provider’s stock, valued at approximately $210,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PNFP. First Personal Financial Services purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth $35,000. CoreCap Advisors LLC purchased a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth $37,000. Wipfli Financial Advisors LLC purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth $45,000. Quadrant Capital Group LLC raised its holdings in shares of Pinnacle Financial Partners by 589.5% during the 3rd quarter. Quadrant Capital Group LLC now owns 917 shares of the financial services provider’s stock worth $74,000 after acquiring an additional 784 shares during the period. Finally, IFP Advisors Inc raised its holdings in shares of Pinnacle Financial Partners by 9.2% during the 3rd quarter. IFP Advisors Inc now owns 1,536 shares of the financial services provider’s stock worth $98,000 after acquiring an additional 129 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on PNFP. StockNews.com upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Monday, March 13th. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $95.00 to $85.00 and set an “overweight” rating for the company in a research report on Tuesday, December 13th. Truist Financial cut their price objective on Pinnacle Financial Partners from $96.00 to $90.00 in a research report on Friday, December 9th. Finally, Wells Fargo & Company cut their price objective on Pinnacle Financial Partners from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, December 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus target price of $85.57.

Insider Transactions at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 24,168 shares of the business’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $73.38, for a total transaction of $1,773,447.84. Following the completion of the transaction, the chairman now directly owns 302,071 shares of the company’s stock, valued at $22,165,969.98. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Gregory L. Burns sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $82.00, for a total transaction of $246,000.00. Following the completion of the sale, the director now owns 19,518 shares in the company, valued at $1,600,476. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 24,168 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $73.38, for a total value of $1,773,447.84. Following the sale, the chairman now owns 302,071 shares of the company’s stock, valued at approximately $22,165,969.98. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,171 shares of company stock valued at $2,019,695. 2.10% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $54.82 on Friday. The company has a market cap of $4.20 billion, a P/E ratio of 7.64 and a beta of 1.14. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a 50-day moving average of $73.30 and a two-hundred day moving average of $77.74. Pinnacle Financial Partners, Inc. has a 1-year low of $52.28 and a 1-year high of $99.35.

Pinnacle Financial Partners (NASDAQ:PNFP – Get Rating) last released its earnings results on Tuesday, January 17th. The financial services provider reported $1.76 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.32). The firm had revenue of $401.78 million during the quarter, compared to analyst estimates of $423.54 million. Pinnacle Financial Partners had a net margin of 31.33% and a return on equity of 10.90%. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.31 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 24th. Stockholders of record on Friday, February 3rd were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Thursday, February 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 12.26%.

Pinnacle Financial Partners Company Profile

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Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.