Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC lowered its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 61.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 46,679 shares of the financial services provider’s stock after selling 73,994 shares during the period. Los Angeles Capital Management LLC owned about 0.06% of Pinnacle Financial Partners worth $4,009,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Bruce G. Allen Investments LLC acquired a new position in Pinnacle Financial Partners during the fourth quarter worth approximately $32,000. ICA Group Wealth Management LLC purchased a new stake in Pinnacle Financial Partners in the 4th quarter valued at $44,000. Principal Securities Inc. acquired a new stake in Pinnacle Financial Partners during the 4th quarter worth $60,000. CWM LLC grew its position in Pinnacle Financial Partners by 62.3% during the 4th quarter. CWM LLC now owns 865 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 332 shares during the last quarter. Finally, GAMMA Investing LLC acquired a new position in Pinnacle Financial Partners in the fourth quarter valued at $95,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO M Terry Turner sold 72,000 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total value of $5,829,840.00. Following the completion of the transaction, the chief executive officer now owns 222,790 shares in the company, valued at $18,039,306.30. The sale was disclosed in a document filed with the SEC, which is available at this link. In related 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 value of $5,829,840.00. Following the sale, the chief executive officer now directly owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the firm’s 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 disclosure for this sale can be found here. 1.87% of the stock is owned by company insiders.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $77.00 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. Pinnacle Financial Partners, Inc. has a fifty-two week low of $52.91 and a fifty-two week high of $92.33. The firm’s fifty day simple moving average is $79.61 and its 200-day simple moving average is $82.51. The stock has a market cap of $5.95 billion, a PE ratio of 11.02 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.01. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. The company had revenue of $428.14 million for the quarter, compared to analyst estimates of $413.27 million. Analysts expect that Pinnacle Financial Partners, Inc. will post 6.74 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 3rd were issued a dividend of $0.22 per share. The ex-dividend date was Thursday, May 2nd. This represents a $0.88 annualized dividend and a yield of 1.14%. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

Analysts Set New Price Targets

A number of research firms recently issued reports on PNFP. Barclays initiated coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price target on the stock. Stephens lowered their target price on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. Jefferies Financial Group cut their price target on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, April 8th. Hovde Group lowered their price objective on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 23rd. Finally, Truist Financial cut their price objective 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $94.63.

About Pinnacle Financial Partners

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.