Channing Capital Management LLC Sells 127,628 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Channing Capital Management LLC decreased its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 14.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 766,887 shares of the financial services provider’s stock after selling 127,628 shares during the period. Pinnacle Financial Partners makes up approximately 2.0% of Channing Capital Management LLC’s holdings, making the stock its 25th biggest position. Channing Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $66,888,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PNFP. International Assets Investment Management LLC boosted its position in shares of Pinnacle Financial Partners by 6,999.3% during the fourth quarter. International Assets Investment Management LLC now owns 30,527 shares of the financial services provider’s stock valued at $2,663,000 after buying an additional 30,097 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Pinnacle Financial Partners by 102.7% in the third 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. FMR LLC raised its holdings in shares of Pinnacle Financial Partners by 3.4% during the third 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 last quarter. Allspring Global Investments Holdings LLC lifted its position in Pinnacle Financial Partners by 31.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 238,626 shares of the financial services provider’s stock valued at $20,813,000 after purchasing an additional 57,187 shares during the period. Finally, Algert Global LLC boosted its holdings in Pinnacle Financial Partners by 175.6% in the third quarter. Algert Global LLC now owns 38,862 shares of the financial services provider’s stock worth $2,605,000 after purchasing an additional 24,763 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PNFP has been the topic of several research analyst reports. 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 on the stock. Jefferies Financial Group dropped their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. Truist Financial cut their price target on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. UBS Group lowered their price objective on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, January 18th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating on the stock in a report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $95.50.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company’s stock in a transaction that occurred 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 transaction, the chairman now directly owns 153,062 shares in the company, valued at $12,404,144.48. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO M Terry Turner sold 72,000 shares of the firm’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the completion of the transaction, the chief executive officer now directly owns 222,790 shares of the company’s stock, valued at $18,039,306.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the firm’s stock in a transaction on 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 transaction, the chairman now directly owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The disclosure for this sale can be found here. Insiders sold a total of 235,093 shares of company stock worth $19,103,353 over the last three months. 1.87% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Price Performance

Shares of PNFP traded up $1.34 during mid-day trading on Friday, reaching $82.19. The stock had a trading volume of 362,168 shares, compared to its average volume of 507,180. The firm has a market cap of $6.34 billion, a price-to-earnings ratio of 11.76 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 12 month low of $43.31 and a 12 month high of $92.33. The business has a fifty day moving average of $81.76 and a 200 day moving average of $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.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be given a $0.22 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.07%. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

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.