Sheets Smith Wealth Management Buys 171 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Sheets Smith Wealth Management raised its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 5,669 shares of the financial services provider’s stock after purchasing an additional 171 shares during the quarter. Sheets Smith Wealth Management’s holdings in Pinnacle Financial Partners were worth $648,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PNFP. Ashton Thomas Securities LLC purchased a new position in Pinnacle Financial Partners during the 3rd quarter valued at about $30,000. UMB Bank n.a. increased its stake in shares of Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after buying an additional 226 shares during the period. Values First Advisors Inc. bought a new position in shares of Pinnacle Financial Partners during the third quarter valued at approximately $49,000. Quarry LP lifted its stake in Pinnacle Financial Partners by 3,500.0% in the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after acquiring an additional 735 shares during the period. Finally, Brooklyn Investment Group bought a new stake in Pinnacle Financial Partners in the third quarter valued at $70,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PNFP. Truist Financial raised their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a report on Monday, November 18th. Stephens restated an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday. Finally, JPMorgan Chase & Co. reduced their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average target price of $124.73.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $122.04 on Thursday. The business has a fifty day moving average price of $119.40 and a 200-day moving average price of $104.77. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $9.43 billion, a PE ratio of 23.20 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470,334.57 billion. During the same period in the previous year, the company earned $1.68 earnings per share. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a $0.24 dividend. The ex-dividend date is Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.79%. Pinnacle Financial Partners’s dividend payout ratio is 16.73%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 3,051 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. The trade was a 4.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm’s stock in a transaction dated 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 sale, the chairman now directly owns 123,000 shares in the company, valued at approximately $15,263,070. The trade was a 28.90 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,661 shares of company stock worth $9,563,127. Insiders own 1.87% 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.