Ameriprise Financial Inc. Lowers Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Ameriprise Financial Inc. trimmed its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 7.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 134,964 shares of the financial services provider’s stock after selling 10,958 shares during the period. Ameriprise Financial Inc. owned about 0.17% of Pinnacle Financial Partners worth $15,439,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in PNFP. Barclays PLC lifted its position in shares of Pinnacle Financial Partners by 117.0% in the third quarter. Barclays PLC now owns 167,838 shares of the financial services provider’s stock valued at $16,442,000 after acquiring an additional 90,478 shares in the last quarter. Park Avenue Securities LLC lifted its position in shares of Pinnacle Financial Partners by 25.7% in the fourth quarter. Park Avenue Securities LLC now owns 8,702 shares of the financial services provider’s stock valued at $995,000 after acquiring an additional 1,777 shares in the last quarter. Trust Co. of Vermont purchased a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at about $97,000. HB Wealth Management LLC lifted its position in shares of Pinnacle Financial Partners by 27.5% in the fourth quarter. HB Wealth Management LLC now owns 3,224 shares of the financial services provider’s stock valued at $369,000 after acquiring an additional 696 shares in the last quarter. Finally, Jackson Square Capital LLC lifted its position in shares of Pinnacle Financial Partners by 22.4% in the fourth quarter. Jackson Square Capital LLC now owns 3,549 shares of the financial services provider’s stock valued at $406,000 after acquiring an additional 649 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PNFP. Truist Financial began coverage on Pinnacle Financial Partners in a research report on Tuesday, May 13th. They issued a “buy” rating and a $123.00 price objective on the stock. Stephens reiterated an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Hovde Group upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 target price on the stock in a research report on Wednesday, April 16th. Wells Fargo & Company decreased their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. decreased their target price on Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $119.90.

Insiders Place Their Bets

In other news, CEO M Terry Turner sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the transaction, the chief executive officer now owns 254,552 shares of the company’s stock, valued at approximately $25,615,567.76. This represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $113.81, for a total value of $4,552,400.00. Following the transaction, the chairman now directly owns 83,000 shares in the company, valued at approximately $9,446,230. This represents a 32.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 45,041 shares of company stock valued at $5,062,386 over the last ninety days. 1.46% of the stock is owned by insiders.

Pinnacle Financial Partners Trading Up 0.4%

Shares of NASDAQ PNFP opened at $111.36 on Friday. The business’s 50 day moving average is $101.14 and its two-hundred day moving average is $112.38. The company has a debt-to-equity ratio of 0.37, 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 stock has a market capitalization of $8.64 billion, a P/E ratio of 18.62 and a beta of 1.00.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.37 million for the quarter, compared to analysts’ expectations of $478.11 million. During the same period in the previous year, the firm posted $1.53 earnings per share. As a group, research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, May 2nd. This represents a $0.96 annualized dividend and a yield of 0.86%. Pinnacle Financial Partners’s payout ratio is currently 15.53%.

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.