FourThought Financial LLC Sells 222 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

FourThought Financial LLC trimmed its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Get Rating) by 17.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,041 shares of the financial services provider’s stock after selling 222 shares during the quarter. FourThought Financial LLC’s holdings in Pinnacle Financial Partners were worth $84,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. First Personal Financial Services bought a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth $35,000. CoreCap Advisors LLC bought a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth $37,000. Wipfli Financial Advisors LLC bought a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth $45,000. Quadrant Capital Group LLC raised its position in shares of Pinnacle Financial Partners by 589.5% in 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 in the last quarter. Finally, IFP Advisors Inc raised its position in shares of Pinnacle Financial Partners by 9.2% in 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 in the last quarter. 79.82% of the stock is owned by institutional investors.

Insider Activity

In other news, Chairman Robert A. Mccabe, Jr. sold 24,168 shares of the stock in a transaction dated 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 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 Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Gregory L. Burns sold 3,000 shares of the company’s stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $82.00, for a total value of $246,000.00. Following the sale, the director now owns 19,518 shares in the company, valued at $1,600,476. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Robert A. Mccabe, Jr. sold 24,168 shares of the company’s stock in a transaction dated 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 completion of the sale, the chairman now owns 302,071 shares in the company, valued at approximately $22,165,969.98. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,171 shares of company stock valued at $2,019,695. Company insiders own 2.10% of the company’s stock.

Pinnacle Financial Partners Stock Down 4.1 %

Shares of PNFP stock opened at $54.82 on Friday. The stock’s 50-day simple moving average is $73.30 and its 200-day simple moving average is $77.74. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market capitalization of $4.20 billion, a PE ratio of 7.64 and a beta of 1.14. Pinnacle Financial Partners, Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $99.35.

Pinnacle Financial Partners (NASDAQ:PNFP – Get Rating) last announced its quarterly earnings data on Tuesday, January 17th. The financial services provider reported $1.76 earnings per share for the quarter, missing analysts’ consensus estimates 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%. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.31 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 24th. Stockholders of record on Friday, February 3rd were issued a $0.22 dividend. 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%.

Analysts Set New Price Targets

PNFP has been the subject of several recent research reports. JPMorgan Chase & Co. reduced their price target 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. Wells Fargo & Company reduced their target price on Pinnacle Financial Partners from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, December 15th. Truist Financial reduced their target price on Pinnacle Financial Partners from $96.00 to $90.00 in a research report on Friday, December 9th. Finally, StockNews.com raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Monday, March 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $85.57.

About Pinnacle Financial Partners

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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.