61,181 Pinnacle Financial Partners, Inc. $PNFP Shares Sold by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. reduced its position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 40.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 91,353 shares of the company’s stock after selling 61,181 shares during the period. Jefferies Financial Group Inc. owned about 0.12% of Pinnacle Financial Partners worth $8,552,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Penn Capital Management Company LLC raised its stake in shares of Pinnacle Financial Partners by 2.0% in the third quarter. Penn Capital Management Company LLC now owns 17,583 shares of the company’s stock worth $1,665,000 after purchasing an additional 347 shares during the last quarter. AlphaCore Capital LLC lifted its holdings in shares of Pinnacle Financial Partners by 22.6% during the third quarter. AlphaCore Capital LLC now owns 4,169 shares of the company’s stock valued at $390,000 after purchasing an additional 769 shares in the last quarter. Fulcrum Asset Management LLP purchased a new stake in shares of Pinnacle Financial Partners during the third quarter valued at $678,000. StoneX Group Inc. purchased a new stake in shares of Pinnacle Financial Partners during the third quarter valued at $803,000. Finally, Pictet Asset Management Holding SA boosted its position in shares of Pinnacle Financial Partners by 6.0% during the third quarter. Pictet Asset Management Holding SA now owns 73,538 shares of the company’s stock valued at $6,883,000 after buying an additional 4,178 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Performance

Shares of NYSE PNFP opened at $101.99 on Thursday. The firm has a 50 day moving average of $97.85 and a 200 day moving average of $97.07. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $15.41 billion, a price-to-earnings ratio of 13.62, a price-to-earnings-growth ratio of 0.40 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last announced its earnings results on Wednesday, October 21st. The company reported $2.69 EPS for the quarter, beating analysts’ consensus estimates of $2.62 by $0.07. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.33%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.25 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 6th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, November 6th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s payout ratio is presently 26.70%.

Wall Street Analysts Forecast Growth

PNFP has been the subject of several research analyst reports. Morgan Stanley lifted their price objective on Pinnacle Financial Partners from $139.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, October 23rd. Stephens set a $112.00 target price on shares of Pinnacle Financial Partners in a research note on Monday, July 27th. JPMorgan Chase & Co. upped their target price on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 23rd. Evercore reaffirmed an “outperform” rating on shares of Pinnacle Financial Partners in a report on Tuesday, October 27th. Finally, Wells Fargo & Company upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and set a $118.00 price target for the company in a research note on Wednesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $120.15.

Insider Transactions at Pinnacle Financial Partners

In related news, insider Allan E. Kamensky sold 5,000 shares of Pinnacle Financial Partners stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $104.62, for a total transaction of $523,100.00. Following the transaction, the insider directly owned 43,940 shares in the company, valued at approximately $4,597,002.80. The trade was a 10.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David B. Ingram bought 10,000 shares of the stock in a transaction that occurred on Wednesday, October 28th. The shares were bought at an average price of $99.16 per share, for a total transaction of $991,600.00. Following the completion of the transaction, the director directly owned 75,182 shares of the company’s stock, valued at $7,455,047.12. This represents a 15.34% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders bought 13,065 shares of company stock worth $1,290,941 and sold 125,890 shares worth $13,586,922. Company insiders own 1.30% of the company’s stock.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc. is a financial services company headquartered in Nashville, Tennessee. Founded in 2000, it operates Pinnacle Bank and provides banking and related financial services to individuals, businesses and other organizations. Its services include commercial and consumer banking, lending, treasury management, mortgage banking, wealth management, trust services and insurance. The company has built a regional presence across Tennessee and other Southeastern and Mid-Atlantic markets, including North Carolina, South Carolina, Georgia and Virginia.