Oliver Luxxe Assets LLC Reduces Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Oliver Luxxe Assets LLC cut its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,020 shares of the financial services provider’s stock after selling 137 shares during the period. Oliver Luxxe Assets LLC’s holdings in Pinnacle Financial Partners were worth $603,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. First Bank & Trust acquired a new position in Pinnacle Financial Partners in the first quarter valued at approximately $373,000. Independence Bank of Kentucky acquired a new position in Pinnacle Financial Partners in the first quarter valued at approximately $333,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Pinnacle Financial Partners by 35.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 16,875 shares of the financial services provider’s stock valued at $1,449,000 after acquiring an additional 4,371 shares during the last quarter. Lbmc Investment Advisors LLC lifted its holdings in Pinnacle Financial Partners by 52.5% in the first quarter. Lbmc Investment Advisors LLC now owns 14,531 shares of the financial services provider’s stock valued at $1,248,000 after acquiring an additional 5,005 shares during the last quarter. Finally, Anderson Hoagland & Co. acquired a new position in Pinnacle Financial Partners in the first quarter valued at approximately $1,990,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Hovde Group decreased their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a report on Tuesday, April 23rd. Jefferies Financial Group decreased their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Monday, April 8th. Barclays initiated coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price objective on the stock. JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research note on Thursday, June 27th. Finally, Truist Financial decreased 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. One investment 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. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and an average price target of $94.25.

Pinnacle Financial Partners Stock Down 1.1 %

NASDAQ:PNFP opened at $79.18 on Tuesday. The stock has a market capitalization of $6.11 billion, a price-to-earnings ratio of 11.33 and a beta of 1.08. 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 52 week low of $55.38 and a 52 week high of $92.33. The stock’s fifty day moving average is $79.35 and its two-hundred day moving average is $82.30.

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

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 3rd were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.11%. The ex-dividend date was Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

Insider Activity

In other news, CEO M Terry Turner sold 72,000 shares of the 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 sale, the chief executive officer now directly owns 222,790 shares in the company, valued at $18,039,306.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO M Terry Turner sold 72,000 shares of the 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 transaction, the chief executive officer now owns 222,790 shares of the company’s stock, valued at $18,039,306.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the stock in a transaction on 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 directly owns 153,062 shares in the company, valued at approximately $12,404,144.48. The disclosure for this sale can be found here. 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.