B. Riley Wealth Advisors Inc. Sells 751 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

B. Riley Wealth Advisors Inc. cut its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 22.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,661 shares of the financial services provider’s stock after selling 751 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Pinnacle Financial Partners were worth $232,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Bruce G. Allen Investments LLC acquired a new position in Pinnacle Financial Partners during the 4th quarter worth $32,000. ICA Group Wealth Management LLC acquired a new position in Pinnacle Financial Partners during the 4th quarter worth $44,000. Principal Securities Inc. acquired a new position in Pinnacle Financial Partners during the 4th quarter worth $60,000. CWM LLC lifted its holdings 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 buying an additional 332 shares in the last quarter. Finally, GAMMA Investing LLC acquired a new position in Pinnacle Financial Partners during the 4th quarter worth $95,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on PNFP shares. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a report on Thursday. Jefferies Financial Group cut their price target on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. Truist Financial cut their price target on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Barclays assumed coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price target on the stock. Finally, Stephens cut their price target 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus target price of $94.25.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $77.27 on Friday. The company has a market capitalization of $5.97 billion, a PE ratio of 11.05 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 12 month low of $54.16 and a 12 month high of $92.33. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock’s fifty day simple moving average is $79.38 and its 200 day simple moving average is $82.38.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 EPS for the quarter, topping the consensus estimate of $1.52 by $0.01. The business had revenue of $428.14 million for the quarter, compared to the consensus estimate of $413.27 million. Pinnacle Financial Partners had a return on equity of 9.31% and a net margin of 18.59%. On average, research analysts predict that Pinnacle Financial Partners, Inc. will post 6.74 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

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

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the completion of the transaction, the chairman now owns 153,062 shares in the company, valued at approximately $12,404,144.48. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO M Terry Turner sold 72,000 shares of the firm’s stock in a transaction dated 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 approximately $18,039,306.30. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 value of $9,339,778.96. Following the completion of the transaction, the chairman now owns 153,062 shares of the company’s stock, valued at approximately $12,404,144.48. The disclosure for this sale can be found here. Corporate insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Company 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.