Townsquare Capital LLC Sells 483 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Townsquare Capital LLC lowered its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 8,867 shares of the financial services provider’s stock after selling 483 shares during the quarter. Townsquare Capital LLC’s holdings in Pinnacle Financial Partners were worth $1,014,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Barclays PLC boosted its stake in shares of Pinnacle Financial Partners by 117.0% during the 3rd quarter. Barclays PLC now owns 167,838 shares of the financial services provider’s stock worth $16,442,000 after purchasing an additional 90,478 shares during the period. B. Riley Wealth Advisors Inc. purchased a new position in Pinnacle Financial Partners during the 3rd quarter valued at $229,000. Principal Financial Group Inc. grew its position in Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after acquiring an additional 208,938 shares during the last quarter. Oliver Luxxe Assets LLC increased its stake in Pinnacle Financial Partners by 19.7% in the fourth quarter. Oliver Luxxe Assets LLC now owns 46,667 shares of the financial services provider’s stock worth $5,338,000 after purchasing an additional 7,691 shares during the period. Finally, Wedmont Private Capital purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at $224,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $95.11 on Friday. The stock’s 50-day moving average is $105.27 and its 200 day moving average is $111.75. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market cap of $7.36 billion, a P/E ratio of 15.90 and a beta of 0.94.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business had revenue of $475.37 million for the quarter, compared to analysts’ expectations of $478.11 million. During the same period last year, the business earned $1.53 EPS. Research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 1.01%. Pinnacle Financial Partners’s dividend payout ratio is presently 15.53%.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the business’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 transaction of $4,552,400.00. Following the sale, the chairman now owns 83,000 shares of the company’s stock, valued at approximately $9,446,230. The trade was a 32.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO M Terry Turner sold 2,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 254,552 shares of the company’s stock, valued at approximately $25,615,567.76. This represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,350 shares of company stock worth $11,421,320 in the last ninety days. 1.46% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating for the company in a research report on Thursday. JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday. Hovde Group upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price objective on the stock in a report on Wednesday. Stephens reiterated an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Finally, Barclays cut their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.50.

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.