Oliver Luxxe Assets LLC Trims Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Oliver Luxxe Assets LLC lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFPFree Report) by 51.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 7,157 shares of the financial services provider’s stock after selling 7,440 shares during the period. Oliver Luxxe Assets LLC’s holdings in Pinnacle Financial Partners were worth $624,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. TFO Wealth Partners LLC increased its stake in Pinnacle Financial Partners by 132,466.7% in the 4th quarter. TFO Wealth Partners LLC now owns 3,977 shares of the financial services provider’s stock worth $347,000 after buying an additional 3,974 shares in the last quarter. Treasurer of the State of North Carolina increased its stake in Pinnacle Financial Partners by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 33,360 shares of the financial services provider’s stock worth $2,910,000 after buying an additional 320 shares in the last quarter. Allianz Asset Management GmbH grew its position in shares of Pinnacle Financial Partners by 10.2% during the fourth quarter. Allianz Asset Management GmbH now owns 78,913 shares of the financial services provider’s stock valued at $6,883,000 after purchasing an additional 7,327 shares in the last quarter. US Bancorp DE grew its position in shares of Pinnacle Financial Partners by 62.1% during the fourth quarter. US Bancorp DE now owns 7,041 shares of the financial services provider’s stock valued at $614,000 after purchasing an additional 2,698 shares in the last quarter. Finally, King Luther Capital Management Corp grew its position in shares of Pinnacle Financial Partners by 10.2% during the fourth quarter. King Luther Capital Management Corp now owns 71,643 shares of the financial services provider’s stock valued at $6,249,000 after purchasing an additional 6,613 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PNFP. Hovde Group cut their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research report on Tuesday, April 23rd. Truist Financial cut their price objective on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Jefferies Financial Group cut their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Monday, April 8th. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a research report on Wednesday, April 24th. Finally, Barclays started coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $94.63.

Read Our Latest Stock Report on Pinnacle Financial Partners

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the sale, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the transaction, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO M Terry Turner sold 24,057 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the transaction, the chief executive officer now directly owns 294,790 shares in the company, valued at $24,237,633.80. The disclosure for this sale can be found here. Insiders sold a total of 235,093 shares of company stock valued at $19,103,353 over the last 90 days. Insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Trading Up 2.2 %

NASDAQ PNFP traded up $1.66 during trading on Thursday, hitting $78.24. The stock had a trading volume of 282,433 shares, compared to its average volume of 441,691. 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 capitalization of $6.04 billion, a price-to-earnings ratio of 11.19 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a one year low of $47.61 and a one year high of $92.33. The stock has a 50 day simple moving average of $81.71 and a 200 day simple moving average of $82.05.

Pinnacle Financial Partners (NASDAQ:PNFPGet Free Report) last announced its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.01. The business had revenue of $428.14 million during the quarter, compared to the consensus estimate of $413.27 million. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. Sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 6.75 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.12%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

Pinnacle Financial Partners Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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