Horizon Investments LLC Sells 20,018 Shares of Pinnacle Financial Partners, Inc. $PNFP

Horizon Investments LLC lowered its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 94.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,236 shares of the company’s stock after selling 20,018 shares during the quarter. Horizon Investments LLC’s holdings in Pinnacle Financial Partners were worth $118,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PNFP. Wealth Enhancement Advisory Services LLC increased its stake in Pinnacle Financial Partners by 97.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 47,073 shares of the company’s stock valued at $4,327,000 after purchasing an additional 23,292 shares in the last quarter. Yousif Capital Management LLC increased its stake in Pinnacle Financial Partners by 92.4% during the 4th quarter. Yousif Capital Management LLC now owns 46,456 shares of the company’s stock valued at $4,519,000 after purchasing an additional 22,306 shares in the last quarter. Jones Financial Companies Lllp increased its stake in Pinnacle Financial Partners by 585.5% during the 3rd quarter. Jones Financial Companies Lllp now owns 18,419 shares of the company’s stock valued at $1,768,000 after purchasing an additional 15,732 shares in the last quarter. Hudson Bay Capital Management LP bought a new stake in Pinnacle Financial Partners during the 3rd quarter valued at $1,128,000. Finally, Woodmont Investment Counsel LLC increased its stake in Pinnacle Financial Partners by 43.1% during the 3rd quarter. Woodmont Investment Counsel LLC now owns 94,388 shares of the company’s stock valued at $8,853,000 after purchasing an additional 28,445 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Insider Transactions at Pinnacle Financial Partners

In other news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of the stock in a transaction that occurred on Thursday, February 12th. The shares were acquired at an average cost of $94.52 per share, for a total transaction of $94,520.00. Following the purchase, the chief financial officer owned 49,485 shares of the company’s stock, valued at approximately $4,677,322.20. The trade was a 2.06% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on PNFP shares. JPMorgan Chase & Co. boosted their price target on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, April 24th. Evercore restated an “outperform” rating and set a $115.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, April 29th. TD Cowen decreased their price target on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Wall Street Zen lowered shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Monday, May 4th. Finally, UBS Group boosted their price target on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners has an average rating of “Moderate Buy” and an average target price of $114.25.

Pinnacle Financial Partners Stock Performance

Shares of NYSE:PNFP opened at $97.99 on Monday. The business has a 50-day moving average of $90.44. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market cap of $7.60 billion, a P/E ratio of 13.59, a P/E/G ratio of 0.37 and a beta of 1.06. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.09. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 10.33 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 1st will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, May 1st. Pinnacle Financial Partners’s payout ratio is currently 27.74%.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.