Ashton Thomas Private Wealth LLC Sells 958 Shares of Pinnacle Financial Partners, Inc. $PNFP

Ashton Thomas Private Wealth LLC cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 12.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,772 shares of the financial services provider’s stock after selling 958 shares during the quarter. Ashton Thomas Private Wealth LLC’s holdings in Pinnacle Financial Partners were worth $748,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PNFP. Millennium Management LLC acquired a new position in shares of Pinnacle Financial Partners in the first quarter worth approximately $77,207,000. Nuveen LLC acquired a new stake in Pinnacle Financial Partners during the 1st quarter valued at approximately $26,879,000. Junto Capital Management LP lifted its position in shares of 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 worth $47,302,000 after purchasing an additional 99,495 shares during the period. AQR Capital Management LLC boosted its stake in shares of 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 last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Pinnacle Financial Partners by 5.9% in the 1st quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider’s stock valued at $168,873,000 after purchasing an additional 88,282 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $84.66 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89. The company’s 50-day moving average is $93.21 and its 200-day moving average is $100.15. The stock has a market capitalization of $6.57 billion, a PE ratio of 10.76 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.22. The business had revenue of $544.80 million for the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.During the same period in the prior year, the business earned $1.86 EPS. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 12.20%.

Insider Activity

In other Pinnacle Financial Partners news, Director G Kennedy Thompson purchased 5,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, October 20th. The stock was acquired at an average price of $87.63 per share, with a total value of $438,150.00. Following the transaction, the director owned 33,372 shares in the company, valued at $2,924,388.36. This trade represents a 17.62% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.46% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PNFP has been the subject of a number of analyst reports. Jefferies Financial Group reissued a “hold” rating and set a $110.00 target price (down previously from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. Keefe, Bruyette & Woods decreased their price target on Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating for the company in a report on Wednesday, August 13th. Cowen started coverage on Pinnacle Financial Partners in a research note on Wednesday, September 24th. They issued a “buy” rating on the stock. Barclays set a $120.00 target price on Pinnacle Financial Partners in a research report on Wednesday, October 8th. Finally, Stephens lowered their target price on Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating for the company in a report on Friday, October 17th. Six equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $110.27.

Pinnacle Financial Partners 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.