55,999 Pinnacle Financial Partners, Inc. $PNFP Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC lowered its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 93.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,071 shares of the company’s stock after selling 55,999 shares during the period. Sterling Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $381,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of PNFP. Resources Management Corp CT ADV acquired a new stake in shares of Pinnacle Financial Partners in the 1st quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC increased its holdings in Pinnacle Financial Partners by 97.7% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock valued at $30,000 after purchasing an additional 173 shares during the period. Basecamp Wealth Advisors LLC increased its holdings in Pinnacle Financial Partners by 112.2% in the first quarter. Basecamp Wealth Advisors LLC now owns 399 shares of the company’s stock valued at $34,000 after purchasing an additional 211 shares during the period. Leonteq Securities AG bought a new position in Pinnacle Financial Partners during the 1st quarter worth $38,000. Finally, Root Financial Partners LLC bought a new position in Pinnacle Financial Partners during the 3rd quarter worth $42,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 2.2%

Shares of NYSE:PNFP opened at $101.70 on Friday. The stock’s 50-day moving average price is $97.54 and its 200-day moving average price is $96.76. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33. The stock has a market capitalization of $7.89 billion, a P/E ratio of 10.13, a price-to-earnings-growth ratio of 0.38 and a beta of 1.03. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings data on Wednesday, October 21st. The company reported $2.69 EPS for the quarter, topping the consensus estimate of $2.62 by $0.07. Pinnacle Financial Partners had a return on equity of 11.33% and a net margin of 15.97%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.25 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 6th 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 of this dividend is Friday, November 6th. Pinnacle Financial Partners’s payout ratio is 26.70%.

Analysts Set New Price Targets

PNFP has been the subject of a number of analyst reports. Wells Fargo & Company upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and set a $118.00 price objective for the company in a research report on Wednesday, September 30th. TD Cowen lifted their target price on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research note on Friday, October 23rd. DA Davidson boosted their target price on shares of Pinnacle Financial Partners from $112.00 to $115.00 and gave the company a “neutral” rating in a report on Friday, October 23rd. Robert W. Baird upped their price target on shares of Pinnacle Financial Partners from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, October 23rd. Finally, Hovde Group initiated coverage on Pinnacle Financial Partners in a report on Wednesday, September 16th. They set an “outperform” rating and a $125.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $120.15.

Insider Buying and Selling

In other news, CEO Kevin S. Blair bought 2,565 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were purchased at an average price of $97.48 per share, for a total transaction of $250,036.20. Following the completion of the acquisition, the chief executive officer owned 152,397 shares of the company’s stock, valued at approximately $14,855,659.56. This trade represents a 1.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David B. Ingram acquired 10,000 shares of the firm’s stock in a transaction on Wednesday, October 28th. The stock was purchased at an average price of $99.16 per share, for a total transaction of $991,600.00. Following the transaction, the director directly owned 75,182 shares of the company’s stock, valued at approximately $7,455,047.12. This trade represents a 15.34% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders acquired 13,065 shares of company stock valued at $1,290,941 and sold 177,228 shares valued at $19,153,713. Company insiders own 1.30% of the company’s stock.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.