Wedge Capital Management L L P NC Has $4.53 Million Stock Position in Pinnacle Financial Partners, Inc. $PNFP

Wedge Capital Management L L P NC lowered its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 20.2% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 41,050 shares of the financial services provider's stock after selling 10,404 shares during the period. Wedge Capital Management L L P NC owned approximately 0.05% of Pinnacle Financial Partners worth $4,532,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Millennium Management LLC bought a new stake in Pinnacle Financial Partners in the 1st quarter valued at about $77,207,000. Nuveen LLC bought a new stake in Pinnacle Financial Partners in the 1st quarter valued at about $26,879,000. GAMMA Investing LLC boosted its holdings in Pinnacle Financial Partners by 15,990.2% in the 1st quarter. GAMMA Investing LLC now owns 171,361 shares of the financial services provider's stock valued at $18,171,000 after purchasing an additional 170,296 shares during the period. Junto Capital Management LP boosted its holdings in Pinnacle Financial Partners by 28.7% in the 1st quarter. Junto Capital Management LP now owns 446,076 shares of the financial services provider's stock valued at $47,302,000 after purchasing an additional 99,495 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in Pinnacle Financial Partners by 309.4% in the 1st quarter. AQR Capital Management LLC now owns 129,514 shares of the financial services provider's stock valued at $13,473,000 after purchasing an additional 97,876 shares during the period. Institutional investors and hedge funds own 87.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PNFP shares. Wells Fargo & Company cut their price objective on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a report on Friday, July 25th. Hovde Group downgraded shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Wall Street Zen raised shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Truist Financial reaffirmed a "buy" rating and set a $127.00 price target (up previously from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Finally, Citigroup cut their price target on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating for the company in a report on Friday, July 25th. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $113.50.

View Our Latest Analysis on PNFP

Pinnacle Financial Partners Trading Down 1.7%

PNFP opened at $96.02 on Friday. Pinnacle Financial Partners, Inc. has a twelve month low of $81.57 and a twelve month high of $131.91. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. The company has a fifty day moving average of $97.62 and a 200-day moving average of $102.19. The stock has a market cap of $7.45 billion, a PE ratio of 12.73 and a beta of 1.07.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The business had revenue of $504.99 million during the quarter, compared to analysts' expectations of $495.27 million. During the same period last year, the company posted $1.63 earnings per share. The business's quarterly revenue was up 15.1% on a year-over-year basis. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 1st were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, August 1st. This represents a $0.96 annualized dividend and a yield of 1.0%. Pinnacle Financial Partners's payout ratio is currently 12.73%.

Insider Activity at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter acquired 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average price of $89.73 per share, with a total value of $89,730.00. Following the completion of the purchase, the chief financial officer owned 105,050 shares in the company, valued at approximately $9,426,136.50. The trade was a 0.96% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director G Kennedy Thompson bought 10,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were bought at an average price of $85.65 per share, with a total value of $856,500.00. Following the completion of the transaction, the director owned 28,372 shares of the company's stock, valued at $2,430,061.80. The trade was a 54.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 12,174 shares of company stock valued at $1,047,079. Corporate insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Company Profile

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.

Recommended Stories

• Five stocks we like better than Pinnacle Financial Partners
• How to Use the MarketBeat Stock Screener
• Caterpillar Stock Hits All-Time High—Is There More Room to Run?
• Mastering Discipline: Overcoming Emotional Challenges In Trading
• Berkshire-Backed Lennar Slides After Weak Q3 Earnings
• Low PE Growth Stocks: Unlocking Investment Opportunities
• Analysts Turn Bullish on Hershey—Is Pepsi the Next Value Play?

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

Should You Invest $1,000 in Pinnacle Financial Partners Right Now?

Before you consider Pinnacle Financial Partners, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Pinnacle Financial Partners wasn't on the list.

While Pinnacle Financial Partners currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here