Simon Quick Advisors LLC Decreases Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Simon Quick Advisors LLC decreased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,207 shares of the financial services provider’s stock after selling 999 shares during the quarter. Simon Quick Advisors LLC’s holdings in Pinnacle Financial Partners were worth $2,883,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Ashton Thomas Securities LLC purchased a new stake in shares of Pinnacle Financial Partners during the third quarter worth approximately $30,000. UMB Bank n.a. increased its position 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 valued at $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at approximately $49,000. Brooklyn Investment Group purchased a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth $70,000. Finally, Quarry LP grew its stake in shares of Pinnacle Financial Partners by 3,500.0% during the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 735 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Wells Fargo & Company raised their price target on Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Truist Financial raised their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Citigroup upped their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Finally, UBS Group assumed coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $122.73.

Insider Buying and Selling

In other news, CFO Harold R. Carpenter sold 3,051 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at $7,635,283.85. The trade was a 4.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David B. Ingram sold 20,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the completion of the sale, the director now owns 92,565 shares of the company’s stock, valued at approximately $11,665,041.30. The trade was a 17.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,661 shares of company stock valued at $9,563,127 over the last three months. 1.87% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Trading Up 0.3 %

Shares of Pinnacle Financial Partners stock opened at $120.22 on Wednesday. The company’s fifty day moving average is $119.52 and its two-hundred day moving average is $104.47. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $9.29 billion, a P/E ratio of 22.86 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470,334.57 billion. During the same quarter in the previous year, the firm posted $1.68 EPS. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. Analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

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.