Woodmont Investment Counsel LLC Sells 766 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Woodmont Investment Counsel LLC lowered its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 81,338 shares of the financial services provider’s stock after selling 766 shares during the period. Woodmont Investment Counsel LLC owned approximately 0.11% of Pinnacle Financial Partners worth $6,985,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PNFP. First Bank & Trust bought a new position in Pinnacle Financial Partners during the first quarter valued at about $373,000. Independence Bank of Kentucky bought a new position in Pinnacle Financial Partners during the first quarter valued at about $333,000. Wealth Enhancement Advisory Services LLC increased its stake in Pinnacle Financial Partners by 35.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 16,875 shares of the financial services provider’s stock valued at $1,449,000 after acquiring an additional 4,371 shares during the period. Lbmc Investment Advisors LLC increased its stake in Pinnacle Financial Partners by 52.5% during the first quarter. Lbmc Investment Advisors LLC now owns 14,531 shares of the financial services provider’s stock valued at $1,248,000 after acquiring an additional 5,005 shares during the period. Finally, Anderson Hoagland & Co. bought a new position in Pinnacle Financial Partners during the first quarter valued at about $1,990,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 1.5 %

PNFP stock traded up $1.20 during midday trading on Tuesday, hitting $80.38. The stock had a trading volume of 269,122 shares, compared to its average volume of 430,004. The firm has a market cap of $6.21 billion, a P/E ratio of 11.33 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. Pinnacle Financial Partners, Inc. has a 1-year low of $55.38 and a 1-year high of $92.33. The business has a fifty day moving average price of $79.35 and a two-hundred day moving average price of $82.30.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.52 by $0.01. The business had revenue of $428.14 million for the quarter, compared to analyst estimates of $413.27 million. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 6.74 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 3rd were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend was Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is 12.59%.

Wall Street Analyst Weigh In

PNFP has been the topic of several analyst reports. Truist Financial lowered their price objective on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research note on Thursday, June 27th. Stephens dropped their price objective on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. Hovde Group dropped their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 23rd. Finally, Jefferies Financial Group dropped their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus price target of $94.25.

Insiders Place Their Bets

In related news, CEO M Terry Turner sold 72,000 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the sale, the chief executive officer now directly owns 222,790 shares in the company, valued at approximately $18,039,306.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the sale, the chairman now directly owns 153,062 shares in the company, valued at approximately $12,404,144.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO M Terry Turner sold 72,000 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the sale, the chief executive officer now owns 222,790 shares in the company, valued at $18,039,306.30. The disclosure for this sale can be found here. 1.87% of the stock is currently owned by insiders.

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.