Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by MML Investors Services LLC

MML Investors Services LLC decreased its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 31,430 shares of the financial services provider’s stock after selling 1,579 shares during the quarter. MML Investors Services LLC’s holdings in Pinnacle Financial Partners were worth $3,079,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Ashton Thomas Securities LLC acquired a new stake in Pinnacle Financial Partners during the third quarter valued at approximately $30,000. International Assets Investment Management LLC acquired a new stake in Pinnacle Financial Partners during the second quarter valued at approximately $29,000. UMB Bank n.a. raised its stake in Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after buying an additional 226 shares in the last quarter. Values First Advisors Inc. acquired a new stake in Pinnacle Financial Partners during the third quarter valued at approximately $49,000. Finally, Brooklyn Investment Group acquired a new stake in Pinnacle Financial Partners during the third quarter valued at approximately $70,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the sale, the chief financial officer now owns 60,805 shares in the company, valued at approximately $7,635,283.85. This represents a 4.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David B. Ingram sold 20,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total value of $2,520,400.00. Following the sale, the director now owns 92,565 shares of the company’s stock, valued at $11,665,041.30. This trade represents a 17.77 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,661 shares of company stock valued at $9,563,127. 1.87% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on PNFP shares. Truist Financial upped their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Citigroup increased their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Stephens increased their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Finally, Barclays increased their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Hold” and an average target price of $113.64.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $117.70 on Friday. The business has a 50 day simple moving average of $114.25 and a 200 day simple moving average of $97.34. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $9.09 billion, a price-to-earnings ratio of 22.38 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. The firm had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same period last year, the company posted $1.79 EPS. On average, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date of this dividend was Friday, November 1st. Pinnacle Financial Partners’s payout ratio is currently 16.73%.

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.