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

Jefferies Financial Group Inc. decreased its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 40.1% during the third quarter, Holdings Channel.com reports. The fund owned 91,353 shares of the company’s stock after selling 61,181 shares during the quarter. Jefferies Financial Group Inc.’s holdings in Pinnacle Financial Partners were worth $8,552,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in PNFP. Penn Capital Management Company LLC increased 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 in the last quarter. AlphaCore Capital LLC raised its position in shares of Pinnacle Financial Partners by 22.6% during the 3rd quarter. AlphaCore Capital LLC now owns 4,169 shares of the company’s stock valued at $390,000 after purchasing an additional 769 shares during the period. Fulcrum Asset Management LLP purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at $678,000. StoneX Group Inc. bought a new position in Pinnacle Financial Partners in the 3rd quarter worth $803,000. Finally, Pictet Asset Management Holding SA boosted its holdings in Pinnacle Financial Partners by 6.0% in the 3rd quarter. Pictet Asset Management Holding SA now owns 73,538 shares of the company’s stock worth $6,883,000 after buying an additional 4,178 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Buying and Selling

In related news, CEO Kevin Blair purchased 2,565 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, September 1st. The shares were bought at an average cost of $97.48 per share, for a total transaction of $250,036.20. Following the acquisition, the chief executive officer owned 152,397 shares in the company, valued at approximately $14,855,659.56. The trade was a 1.71% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider M. Turner sold 54,107 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the completion of the sale, the insider owned 248,123 shares in the company, valued at approximately $26,829,539.99. The trade was a 17.90% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders purchased 13,065 shares of company stock worth $1,290,941 and sold 125,890 shares worth $13,586,922. 1.30% of the stock is currently owned by insiders.

Pinnacle Financial Partners Trading Down 0.8%

Pinnacle Financial Partners stock opened at $101.99 on Thursday. The stock has a market cap of $15.41 billion, a P/E ratio of 13.62, a PEG ratio of 0.40 and a beta of 1.04. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.93 and a quick ratio of 0.93. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $110.33. The firm’s 50 day moving average price is $97.85 and its 200-day moving average price is $97.07.

Pinnacle Financial Partners (NYSE:PNFP) last released its earnings results 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 net margin of 15.97% and a return on equity of 11.33%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 10.25 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 6th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, November 6th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 26.70%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PNFP shares. TD Cowen increased their price target on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research note on Friday, October 23rd. Piper Sandler boosted their price objective on Pinnacle Financial Partners from $125.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday, October 26th. Weiss Ratings downgraded Pinnacle Financial Partners from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, October 29th. Royal Bank Of Canada upped their price objective on Pinnacle Financial Partners from $117.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday, October 23rd. Finally, Hovde Group initiated coverage on Pinnacle Financial Partners in a research report on Wednesday, September 16th. They set an “outperform” rating and a $125.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $120.15.

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.