Private Management Group Inc. Sells 1,235 Shares of Pinnacle Financial Partners, Inc. $PNFP

Private Management Group Inc. trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 124,849 shares of the financial services provider’s stock after selling 1,235 shares during the period. Private Management Group Inc.’s holdings in Pinnacle Financial Partners were worth $13,785,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of PNFP. 1248 Management LLC bought a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $29,000. MAI Capital Management grew its holdings in Pinnacle Financial Partners by 79.4% in the second quarter. MAI Capital Management now owns 366 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 162 shares during the last quarter. Spurstone Advisory Services LLC purchased a new position in Pinnacle Financial Partners in the second quarter worth $41,000. Ameritas Advisory Services LLC acquired a new position in shares of Pinnacle Financial Partners during the second quarter worth $45,000. Finally, True Wealth Design LLC lifted its holdings in shares of Pinnacle Financial Partners by 1,778.3% during the 2nd quarter. True Wealth Design LLC now owns 432 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 409 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PNFP shares. Stephens lowered their price objective on Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating for the company in a research report on Friday, October 17th. Keefe, Bruyette & Woods decreased their price target on Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating for the company in a research note on Wednesday, August 13th. Cowen began coverage on Pinnacle Financial Partners in a report on Wednesday, September 24th. They issued a “buy” rating for the company. TD Cowen assumed coverage on shares of Pinnacle Financial Partners in a report on Thursday, September 25th. They set a “buy” rating and a $122.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Pinnacle Financial Partners in a research report on Friday, October 31st. Six analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and an average target price of $109.55.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director G Kennedy Thompson acquired 5,000 shares of the business’s stock in a transaction dated Monday, October 20th. The shares were purchased at an average price of $87.63 per share, for a total transaction of $438,150.00. Following the completion of the purchase, the director directly owned 33,372 shares of the company’s stock, valued at $2,924,388.36. The trade was a 17.62% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.46% of the stock is owned by company insiders.

Pinnacle Financial Partners Stock Up 3.2%

Shares of PNFP stock opened at $90.12 on Friday. The stock’s 50-day simple moving average is $89.87 and its 200-day simple moving average is $98.87. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market capitalization of $6.99 billion, a PE ratio of 11.45 and a beta of 1.12. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.22. The firm had revenue of $544.80 million during the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.During the same quarter in the previous year, the company posted $1.86 earnings per share. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

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

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.