Sheets Smith Wealth Management Lowers Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Sheets Smith Wealth Management trimmed its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,496 shares of the financial services provider’s stock after selling 198 shares during the quarter. Sheets Smith Wealth Management’s holdings in Pinnacle Financial Partners were worth $479,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PNFP. Caprock Group LLC raised its holdings in shares of Pinnacle Financial Partners by 2.2% in the fourth quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock valued at $489,000 after buying an additional 122 shares during the last quarter. Treasurer of the State of North Carolina raised its stake in Pinnacle Financial Partners by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider’s stock valued at $2,215,000 after acquiring an additional 170 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its position in Pinnacle Financial Partners by 57.1% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 200 shares during the period. Fifth Third Bancorp grew its stake in shares of Pinnacle Financial Partners by 101.4% in the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 213 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its holdings in shares of Pinnacle Financial Partners by 17.6% in the third quarter. Venturi Wealth Management LLC now owns 2,000 shares of the financial services provider’s stock valued at $134,000 after purchasing an additional 300 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Barclays began coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price target for the company. Truist Financial dropped their price target on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Stephens restated an “overweight” rating and issued a $109.00 price objective on shares of Pinnacle Financial Partners in a research report on Tuesday, April 23rd. UBS Group dropped their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, January 18th. Finally, JPMorgan Chase & Co. reduced their price target on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $95.50.

Pinnacle Financial Partners Price Performance

PNFP stock traded up $1.40 during midday trading on Monday, hitting $83.59. 240,511 shares of the stock were exchanged, compared to its average volume of 468,899. The stock’s 50-day moving average price is $81.76 and its 200-day moving average price is $79.88. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $6.44 billion, a price-to-earnings ratio of 11.87 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a fifty-two week low of $46.05 and a fifty-two week high of $92.33.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the completion of the transaction, the chairman now directly owns 153,062 shares in the company, valued at approximately $12,404,144.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the transaction, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $81.04, for a total value of $9,339,778.96. Following the completion of the sale, the chairman now owns 153,062 shares in the company, valued at $12,404,144.48. The disclosure for this sale can be found here. Insiders have sold 235,093 shares of company stock worth $19,103,353 in the last three months. Corporate 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.