Wedge Capital Management L L P NC Sells 19,797 Shares of Pinnacle Financial Partners, Inc. $PNFP

Wedge Capital Management L L P NC decreased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 48.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,253 shares of the financial services provider’s stock after selling 19,797 shares during the period. Wedge Capital Management L L P NC’s holdings in Pinnacle Financial Partners were worth $1,993,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. 1248 Management LLC bought a new stake in Pinnacle Financial Partners during the first quarter valued at approximately $29,000. Elevation Point Wealth Partners LLC bought a new position in Pinnacle Financial Partners in the 2nd quarter worth approximately $38,000. MAI Capital Management grew its stake in Pinnacle Financial Partners by 79.4% during the second quarter. MAI Capital Management now owns 366 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 162 shares in the last quarter. Spurstone Advisory Services LLC purchased a new position in shares of Pinnacle Financial Partners during the second quarter valued at about $41,000. Finally, Ameritas Advisory Services LLC bought a new stake in Pinnacle Financial Partners in the 2nd quarter worth approximately $45,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Pinnacle Financial Partners news, Director G Kennedy Thompson acquired 5,000 shares of the stock in a transaction dated Monday, October 20th. The stock was purchased at an average price of $87.63 per share, with a total value of $438,150.00. Following the transaction, the director directly owned 33,372 shares of the company’s stock, valued at $2,924,388.36. This trade represents a 17.62% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 6,775 shares of the business’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $93.00, for a total value of $630,075.00. Following the sale, the chairman owned 202,505 shares in the company, valued at $18,832,965. The trade was a 3.24% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.46% of the stock is owned by insiders.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP opened at $101.25 on Wednesday. The firm’s 50 day simple moving average is $91.24 and its 200-day simple moving average is $97.05. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $127.85. The firm has a market cap of $7.85 billion, a PE ratio of 12.87, a price-to-earnings-growth ratio of 0.62 and a beta of 1.06.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, topping the consensus estimate of $2.05 by $0.22. The company had revenue of $544.80 million for the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.During the same period last year, the business posted $1.86 EPS. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 7th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.20%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of Pinnacle Financial Partners from $110.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. Truist Financial decreased their price objective on Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, October 17th. UBS Group lowered their price objective on Pinnacle Financial Partners from $104.00 to $95.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Bank of America assumed coverage on Pinnacle Financial Partners in a report on Monday, December 8th. They issued a “buy” rating and a $113.00 target price for the company. Finally, Wells Fargo & Company cut their target price on Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.38.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc (NASDAQ: PNFP) is a financial services company headquartered in Nashville, Tennessee, that provides banking, wealth management and insurance solutions to business and consumer clients. The company operates through two primary segments—Banking and Wealth Management & Advisory—offering a comprehensive suite of products that includes commercial and consumer lending, deposit services, treasury management, trust and investment advisory, and insurance brokerage. Pinnacle’s client-focused model emphasizes relationship-based banking, leveraging local decision-making authority and specialized industry expertise to serve diverse sectors such as healthcare, technology, real estate and professional services.

In its banking segment, Pinnacle delivers commercial and consumer loans, lines of credit, equipment financing, and mortgage lending.