Simon Quick Advisors LLC Decreases Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Simon Quick Advisors LLC lessened its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,207 shares of the financial services provider’s stock after selling 999 shares during the quarter. Simon Quick Advisors LLC’s holdings in Pinnacle Financial Partners were worth $2,883,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Sheets Smith Wealth Management boosted its position in Pinnacle Financial Partners by 3.1% during the fourth quarter. Sheets Smith Wealth Management now owns 5,669 shares of the financial services provider’s stock worth $648,000 after purchasing an additional 171 shares in the last quarter. Atomi Financial Group Inc. acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth $221,000. Lmcg Investments LLC purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth about $229,000. Crossmark Global Holdings Inc. grew its stake in Pinnacle Financial Partners by 3.6% in the 4th quarter. Crossmark Global Holdings Inc. now owns 6,084 shares of the financial services provider’s stock valued at $696,000 after acquiring an additional 210 shares during the last quarter. Finally, Ballentine Partners LLC purchased a new position in Pinnacle Financial Partners during the 4th quarter valued at about $228,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PNFP shares. Truist Financial upped their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Stephens increased their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Finally, Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research note on Monday, November 18th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Pinnacle Financial Partners has an average rating of “Hold” and a consensus price target of $122.73.

Insider Buying and Selling

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 76,661 shares of company stock valued at $9,563,127. 1.87% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Trading Up 0.3 %

Shares of PNFP stock opened at $120.22 on Wednesday. The firm’s 50-day simple moving average is $119.52 and its 200-day simple moving average is $104.47. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The firm has a market cap of $9.29 billion, a P/E ratio of 22.86 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470,334.57 billion. During the same quarter last year, the firm posted $1.68 earnings per share. Pinnacle Financial Partners’s revenue was up 19.9% on a year-over-year basis. As a group, equities analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

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.