Private Management Group Inc. Sells 99,692 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Private Management Group Inc. decreased its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 28.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 254,705 shares of the financial services provider’s stock after selling 99,692 shares during the period. Private Management Group Inc. owned about 0.33% of Pinnacle Financial Partners worth $24,953,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNFP. International Assets Investment Management LLC bought a new position in shares of Pinnacle Financial Partners in the second quarter valued at approximately $29,000. Versant Capital Management Inc increased its holdings in shares of Pinnacle Financial Partners by 44.5% in the second quarter. Versant Capital Management Inc now owns 432 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 133 shares in the last quarter. UMB Bank n.a. increased its holdings in shares of Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 226 shares in the last quarter. Values First Advisors Inc. acquired a new stake in shares of Pinnacle Financial Partners in the third quarter valued at approximately $49,000. Finally, Quarry LP increased its holdings in shares of Pinnacle Financial Partners by 3,500.0% in the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 735 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Down 0.6 %

Shares of Pinnacle Financial Partners stock traded down $0.59 during trading hours on Friday, reaching $104.64. 265,384 shares of the company’s stock were exchanged, compared to its average volume of 463,864. The company has a 50 day moving average of $98.42 and a two-hundred day moving average of $88.61. Pinnacle Financial Partners, Inc. has a fifty-two week low of $63.36 and a fifty-two week high of $108.43. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market cap of $8.08 billion, a P/E ratio of 19.89 and a beta of 1.05.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same period last year, the firm earned $1.79 earnings per share. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 6.81 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is presently 16.73%.

Analysts Set New Price Targets

A number of analysts recently weighed in on PNFP shares. Truist Financial raised their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Hovde Group raised their price target on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Citigroup raised their price target on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Barclays lifted their target price on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Finally, Wells Fargo & Company lifted their target price on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $106.60.

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.