Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Equitable Trust Co.

Equitable Trust Co. cut its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,389 shares of the financial services provider’s stock after selling 409 shares during the period. Equitable Trust Co.’s holdings in Pinnacle Financial Partners were worth $1,303,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new stake in Pinnacle Financial Partners in the third quarter worth approximately $30,000. UMB Bank n.a. lifted its position in Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares during the period. Values First Advisors Inc. acquired a new stake in Pinnacle Financial Partners in the third quarter worth approximately $49,000. Brooklyn Investment Group acquired a new stake in Pinnacle Financial Partners in the third quarter worth approximately $70,000. Finally, Trust Co. of Vermont acquired a new stake in Pinnacle Financial Partners in the fourth quarter worth approximately $97,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

PNFP opened at $122.33 on Tuesday. The stock has a fifty day moving average of $119.10 and a 200-day moving average of $108.02. The firm has a market capitalization of $9.45 billion, a P/E ratio of 20.46 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.68 earnings per share. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.78%. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio is presently 14.72%.

Insider Activity

In related news, Director David B. Ingram sold 40,000 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the sale, the director now directly owns 40,991 shares in the company, valued at approximately $5,185,361.50. This trade represents a 49.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the sale, the chairman now owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This represents a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 126,970 shares of company stock worth $15,922,061 over the last quarter. Corporate insiders own 1.87% of the company’s stock.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of research analyst reports. Stephens restated an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. UBS Group assumed coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target on the stock. Finally, Truist Financial upped their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $125.18.

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.