Handelsinvest Investeringsforvaltning Sells 2,160 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Handelsinvest Investeringsforvaltning reduced its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 34.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,162 shares of the financial services provider’s stock after selling 2,160 shares during the quarter. Handelsinvest Investeringsforvaltning’s holdings in Pinnacle Financial Partners were worth $357,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Rise Advisors LLC bought a new stake in Pinnacle Financial Partners during the first quarter valued at approximately $26,000. Bruce G. Allen Investments LLC bought a new stake in Pinnacle Financial Partners during the fourth quarter valued at approximately $32,000. ICA Group Wealth Management LLC bought a new stake in Pinnacle Financial Partners during the fourth quarter valued at approximately $44,000. Principal Securities Inc. bought a new stake in Pinnacle Financial Partners during the fourth quarter valued at approximately $60,000. Finally, Mather Group LLC. bought a new stake in Pinnacle Financial Partners during the first quarter valued at approximately $65,000. 87.40% of the stock is currently owned by institutional investors.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of Pinnacle Financial Partners 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 sale, the chairman now owns 153,062 shares in the company, valued at $12,404,144.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO M Terry Turner sold 72,000 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the sale, 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 document filed with the SEC, which is accessible through this link. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the business’s stock in a transaction on 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 sale, the chairman now owns 153,062 shares in the company, valued at approximately $12,404,144.48. The disclosure for this sale can be found here. 1.87% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PNFP shares. Jefferies Financial Group decreased their price target on shares of 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. Hovde Group decreased their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 23rd. Truist Financial decreased their price target on shares of 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. JPMorgan Chase & Co. decreased their price target on shares of 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, Stephens decreased their price target on shares of 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 investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $94.25.

Pinnacle Financial Partners Stock Down 2.5 %

Shares of NASDAQ PNFP opened at $78.20 on Thursday. 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 firm’s fifty day moving average is $79.23 and its 200 day moving average is $82.22. The company has a market cap of $6.04 billion, a price-to-earnings ratio of 11.19 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 EPS for the quarter, topping the consensus estimate of $1.52 by $0.01. The company had revenue of $428.14 million for the quarter, compared to the consensus estimate of $413.27 million. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. On average, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 6.77 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 3rd were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend was Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 12.59%.

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.