Belpointe Asset Management LLC Sells 1,371 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Belpointe Asset Management LLC trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Get Rating) by 67.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 676 shares of the financial services provider’s stock after selling 1,371 shares during the period. Belpointe Asset Management LLC’s holdings in Pinnacle Financial Partners were worth $50,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Signaturefd LLC raised its stake in shares of Pinnacle Financial Partners by 43.1% during the fourth quarter. Signaturefd LLC now owns 667 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 201 shares in the last quarter. Edge Capital Group LLC purchased a new position in Pinnacle Financial Partners in the 4th quarter worth $51,000. Quadrant Capital Group LLC lifted its stake in Pinnacle Financial Partners by 589.5% in the third quarter. Quadrant Capital Group LLC now owns 917 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 784 shares during the last quarter. Parallel Advisors LLC boosted its position in Pinnacle Financial Partners by 1,772.2% during the fourth quarter. Parallel Advisors LLC now owns 1,011 shares of the financial services provider’s stock valued at $74,000 after buying an additional 957 shares during the period. Finally, RFP Financial Group LLC bought a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at about $90,000. Institutional investors own 79.82% of the company’s stock.

Pinnacle Financial Partners Trading Up 3.1 %

NASDAQ:PNFP opened at $52.23 on Wednesday. The company has a 50-day moving average price of $52.51 and a 200-day moving average price of $67.95. The stock has a market cap of $4.01 billion, a price-to-earnings ratio of 7.24 and a beta of 1.09. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47. Pinnacle Financial Partners, Inc. has a 12 month low of $43.31 and a 12 month high of $89.00.

Pinnacle Financial Partners (NASDAQ:PNFP – Get Rating) last issued its quarterly earnings data on Tuesday, April 18th. The financial services provider reported $1.76 EPS for the quarter, topping the consensus estimate of $1.74 by $0.02. Pinnacle Financial Partners had a net margin of 28.11% and a return on equity of 10.85%. The business had revenue of $401.76 million during the quarter, compared to analyst estimates of $418.58 million. During the same period last year, the business posted $1.65 earnings per share. Pinnacle Financial Partners’s quarterly revenue was up 17.1% compared to the same quarter last year. Equities analysts predict that Pinnacle Financial Partners, Inc. will post 6.55 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 26th. Shareholders of record on Friday, May 5th will be issued a $0.22 dividend. The ex-dividend date is Thursday, May 4th. This represents a $0.88 dividend on an annualized basis and a yield of 1.68%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.07%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PNFP shares. Wells Fargo & Company dropped their target price on Pinnacle Financial Partners from $95.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, April 5th. Keefe, Bruyette & Woods cut their target price on shares of Pinnacle Financial Partners from $90.00 to $80.00 and set an “outperform” rating on the stock in a report on Thursday, April 6th. JPMorgan Chase & Co. upped their price target on shares of Pinnacle Financial Partners from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, April 19th. Truist Financial cut their price target on shares of Pinnacle Financial Partners from $85.00 to $64.00 and set a “buy” rating on the stock in a report on Thursday, March 23rd. Finally, StockNews.com began coverage on shares of Pinnacle Financial Partners in a research note on Thursday, May 18th. They set a “sell” rating for the company. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus target price of $77.88.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 24,168 shares of the company’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $73.38, for a total value of $1,773,447.84. Following the sale, the chairman now directly owns 302,071 shares of the company’s stock, valued at approximately $22,165,969.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.15% of the company’s stock.

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.