Pinnacle Financial Partners, Inc. $PNFP Shares Sold by Thoroughbred Financial Services LLC

Thoroughbred Financial Services LLC lowered its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 82.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,027 shares of the financial services provider’s stock after selling 9,788 shares during the period. Thoroughbred Financial Services LLC’s holdings in Pinnacle Financial Partners were worth $223,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. 1248 Management LLC acquired a new position in Pinnacle Financial Partners during the 1st quarter worth approximately $29,000. Spurstone Advisory Services LLC purchased a new stake in shares of Pinnacle Financial Partners in the second quarter valued at approximately $41,000. Ameritas Advisory Services LLC purchased a new stake in shares of Pinnacle Financial Partners in the second quarter valued at approximately $45,000. True Wealth Design LLC grew its holdings in Pinnacle Financial Partners by 1,778.3% during the second quarter. True Wealth Design LLC now owns 432 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 409 shares during the period. Finally, SVB Wealth LLC purchased a new position in Pinnacle Financial Partners in the first quarter worth $51,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $86.23 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33. The company’s 50-day moving average price is $90.42 and its 200 day moving average price is $99.13. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $131.91. The stock has a market cap of $6.69 billion, a price-to-earnings ratio of 10.96 and a beta of 1.12.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.22. The company had revenue of $544.80 million for the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. During the same quarter in the prior year, the firm earned $1.86 earnings per share. As a group, research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio is 12.20%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. UBS Group decreased their target price on shares of Pinnacle Financial Partners from $104.00 to $95.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Truist Financial decreased their price objective on shares of Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, October 17th. Barclays upped their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 11th. Hovde Group downgraded shares of Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Finally, Wells Fargo & Company decreased their price target on Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Friday, October 17th. Six analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners presently has an average rating of “Hold” and an average price target of $109.55.

Insiders Place Their Bets

In related news, Director G Kennedy Thompson purchased 5,000 shares of the business’s stock in a transaction dated Monday, October 20th. The stock was bought at an average cost of $87.63 per share, with a total value of $438,150.00. Following the completion of the acquisition, the director directly owned 33,372 shares in the company, valued at $2,924,388.36. The trade was a 17.62% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.46% of the company’s stock.

About Pinnacle Financial Partners

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.