Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lowered its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 27.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 97,752 shares of the financial services provider’s stock after selling 37,463 shares during the quarter. Wedge Capital Management L L P NC owned about 0.13% of Pinnacle Financial Partners worth $9,577,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Oliver Luxxe Assets LLC raised its stake in shares of Pinnacle Financial Partners by 442.7% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 38,976 shares of the financial services provider’s stock worth $3,818,000 after buying an additional 31,794 shares in the last quarter. Simplicity Wealth LLC raised its position in Pinnacle Financial Partners by 14.3% in the third quarter. Simplicity Wealth LLC now owns 6,785 shares of the financial services provider’s stock worth $665,000 after acquiring an additional 851 shares in the last quarter. Independence Bank of Kentucky raised its position in Pinnacle Financial Partners by 54.7% in the third quarter. Independence Bank of Kentucky now owns 6,420 shares of the financial services provider’s stock worth $629,000 after acquiring an additional 2,270 shares in the last quarter. Selective Wealth Management Inc. acquired a new stake in Pinnacle Financial Partners in the 3rd quarter valued at about $221,000. Finally, UMB Bank n.a. grew its stake in shares of Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.6 %

NASDAQ PNFP opened at $99.31 on Tuesday. Pinnacle Financial Partners, Inc. has a twelve month low of $59.66 and a twelve month high of $100.76. The stock has a market cap of $7.67 billion, a PE ratio of 14.21 and a beta of 1.05. The firm has a 50-day simple moving average of $94.55 and a 200 day simple moving average of $86.55. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.03. The company had revenue of $366.55 million for the quarter, compared to analyst estimates of $426.40 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. On average, research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Analyst Ratings Changes

Several brokerages have commented on PNFP. Barclays raised their target price on shares of Pinnacle Financial Partners from $97.00 to $101.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research note on Thursday, June 27th. Citigroup lifted their target price on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. Finally, 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. 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 presently has an average rating of “Moderate Buy” and a consensus price target of $102.10.

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.