Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Private Management Group Inc.

Private Management Group Inc. lowered its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 13.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 397,269 shares of the financial services provider’s stock after selling 63,950 shares during the quarter. Pinnacle Financial Partners makes up approximately 1.3% of Private Management Group Inc.’s holdings, making the stock its 19th largest position. Private Management Group Inc.’s holdings in Pinnacle Financial Partners were worth $34,650,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. FMR LLC boosted its position in Pinnacle Financial Partners by 3.4% during the 3rd quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock valued at $139,721,000 after purchasing an additional 69,197 shares during the period. Wellington Management Group LLP boosted its position in Pinnacle Financial Partners by 102.7% during the 3rd quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock worth $125,394,000 after acquiring an additional 947,704 shares during the period. Jennison Associates LLC boosted its position in Pinnacle Financial Partners by 0.7% during the 3rd quarter. Jennison Associates LLC now owns 1,269,503 shares of the financial services provider’s stock worth $85,107,000 after acquiring an additional 8,698 shares during the period. North Reef Capital Management LP boosted its position in Pinnacle Financial Partners by 15.9% during the 3rd quarter. North Reef Capital Management LP now owns 910,108 shares of the financial services provider’s stock worth $61,014,000 after acquiring an additional 124,573 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Pinnacle Financial Partners by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 842,959 shares of the financial services provider’s stock worth $56,512,000 after acquiring an additional 43,355 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Activity

In other news, CFO Harold R. Carpenter sold 6,306 shares of the company’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 sale, 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 document filed with the SEC, which is available at the SEC website. In related news, Chairman Richard D. Callicutt II sold 11,030 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $906,886.60. Following the completion of the sale, the chairman now directly owns 97,226 shares of the company’s stock, valued at approximately $7,993,921.72. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction dated Tuesday, March 12th. The stock was 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 directly owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The disclosure for this sale can be found here. Insiders sold a total of 47,844 shares of company stock valued at $3,933,734 over the last three months. Insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Trading Down 0.1 %

Shares of NASDAQ PNFP traded down $0.08 during mid-day trading on Tuesday, hitting $81.34. 1,113,039 shares of the company traded hands, compared to its average volume of 465,434. Pinnacle Financial Partners, Inc. has a 1 year low of $43.31 and a 1 year high of $92.33. The stock has a market capitalization of $6.27 billion, a price-to-earnings ratio of 11.33 and a beta of 1.08. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.44. The business has a 50 day moving average of $82.34 and a two-hundred day moving average of $79.15.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PNFP. Jefferies Financial Group reduced their price target 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. Stephens reaffirmed an “overweight” rating and set a $109.00 target price on shares of Pinnacle Financial Partners in a research note on Tuesday. Hovde Group decreased their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research note on Tuesday. Truist Financial raised their target price on Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Finally, UBS Group decreased their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, January 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $93.50.

Pinnacle Financial Partners Company Profile

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.