Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Sheets Smith Wealth Management

Sheets Smith Wealth Management trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,496 shares of the financial services provider’s stock after selling 198 shares during the period. Sheets Smith Wealth Management’s holdings in Pinnacle Financial Partners were worth $479,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Emerald Advisers LLC acquired a new position in Pinnacle Financial Partners during the 3rd quarter valued at about $27,000. Fifth Third Bancorp raised its holdings in shares of Pinnacle Financial Partners by 101.4% during the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 213 shares during the period. Bruce G. Allen Investments LLC acquired a new stake in Pinnacle Financial Partners during the 4th quarter valued at $32,000. Nomura Asset Management Co. Ltd. lifted its stake in Pinnacle Financial Partners by 57.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 200 shares in the last quarter. Finally, CWM LLC lifted its position in shares of Pinnacle Financial Partners by 62.3% in the fourth quarter. CWM LLC now owns 865 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 332 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

PNFP stock traded up $1.40 on Monday, reaching $83.59. 240,511 shares of the company were exchanged, compared to its average volume of 468,899. The firm has a market capitalization of $6.44 billion, a PE ratio of 11.87 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 12 month low of $46.05 and a 12 month high of $92.33. The stock’s fifty day moving average price is $81.76 and its 200 day moving average price is $79.88. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be issued a dividend of $0.22 per share. The ex-dividend date is Thursday, May 2nd. This represents a $0.88 annualized dividend and a dividend yield of 1.05%. Pinnacle Financial Partners’s payout ratio is 12.59%.

Analyst Upgrades and Downgrades

PNFP has been the subject of several recent research reports. Jefferies Financial Group cut their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. JPMorgan Chase & Co. lowered their price objective on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating on the stock in a report on Wednesday, April 24th. Hovde Group decreased their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research report on Tuesday, April 23rd. Stephens reiterated an “overweight” rating and set a $109.00 price target on shares of Pinnacle Financial Partners in a report on Tuesday, April 23rd. Finally, Barclays initiated coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $95.50.

Insider Activity

In related news, CEO M Terry Turner sold 24,057 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $1,977,966.54. Following the completion of the sale, the chief executive officer now owns 294,790 shares in the company, valued at $24,237,633.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO M Terry Turner sold 24,057 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $1,977,966.54. Following the completion of the transaction, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of Pinnacle Financial Partners stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the sale, the chairman now owns 153,062 shares in the company, valued at approximately $12,404,144.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 235,093 shares of company stock valued at $19,103,353. Insiders own 1.87% of the company’s stock.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.