HHM Wealth Advisors LLC Sells 448 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

HHM Wealth Advisors LLC cut its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,956 shares of the financial services provider’s stock after selling 448 shares during the quarter. HHM Wealth Advisors LLC’s holdings in Pinnacle Financial Partners were worth $1,482,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Ashton Thomas Securities LLC bought a new stake in Pinnacle Financial Partners in the third quarter worth $30,000. UMB Bank n.a. lifted its stake 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 acquiring an additional 226 shares during the last quarter. Values First Advisors Inc. bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $49,000. Brooklyn Investment Group purchased a new stake in Pinnacle Financial Partners during the 3rd quarter valued at about $70,000. Finally, GAMMA Investing LLC grew its position in Pinnacle Financial Partners by 16.5% during the 3rd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $97,000 after acquiring an additional 141 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Stock Down 0.9 %

PNFP stock opened at $124.77 on Monday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a market capitalization of $9.64 billion, a price-to-earnings ratio of 20.86 and a beta of 1.09. The business’s 50 day moving average price is $119.48 and its two-hundred day moving average price is $106.98. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90.

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 for the quarter, topping the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.68 earnings per share. As a group, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.79 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a dividend of $0.24 per share. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date of this dividend is Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 14.72%.

Analyst Ratings Changes

PNFP has been the subject of a number of analyst reports. UBS Group assumed coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective for the company. Wells Fargo & Company raised their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Citigroup raised their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st. Finally, Truist Financial boosted their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $125.18.

Insider Buying and Selling

In other news, CFO Harold R. Carpenter sold 3,051 shares of the firm’s 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 transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the completion of the transaction, the chairman now owns 123,000 shares in the company, valued at approximately $15,263,070. The trade was a 28.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,661 shares of company stock valued at $9,563,127 over the last quarter. Corporate insiders own 1.87% 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.