Pinnacle Financial Partners, Inc. $PNFP Shares Sold by Oliver Luxxe Assets LLC

Oliver Luxxe Assets LLC cut its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 17.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,113 shares of the company’s stock after selling 9,903 shares during the period. Oliver Luxxe Assets LLC owned about 0.06% of Pinnacle Financial Partners worth $4,854,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Resources Management Corp CT ADV acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth about $26,000. Brown Brothers Harriman & Co. acquired a new position in Pinnacle Financial Partners in the third quarter valued at approximately $26,000. High Point Wealth Management LLC purchased a new position in Pinnacle Financial Partners in the fourth quarter valued at approximately $27,000. BOKF NA increased its stake in Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after purchasing an additional 265 shares during the last quarter. Finally, Activest Wealth Management acquired a new stake in Pinnacle Financial Partners during the fourth quarter worth approximately $28,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Benchmark lifted their price target on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday. 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 report on Friday, April 24th. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Finally, DA Davidson lifted their target price on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $117.29.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $104.75 on Friday. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $110.33. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The stock has a market cap of $8.13 billion, a P/E ratio of 14.39, a P/E/G ratio of 0.42 and a beta of 1.03. The stock’s fifty day simple moving average is $99.69.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s payout ratio is 27.47%.

Insider Buying and Selling

In related news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of Pinnacle Financial Partners stock in a transaction on Friday, July 24th. The stock was purchased at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the purchase, the insider directly owned 324,233 shares in the company, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

About Pinnacle Financial Partners

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.