Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC reduced its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 7.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 183,924 shares of the financial services provider’s stock after selling 14,833 shares during the quarter. Wedge Capital Management L L P NC owned 0.24% of Pinnacle Financial Partners worth $16,042,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in Pinnacle Financial Partners by 102.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock valued at $125,394,000 after buying an additional 947,704 shares during the last quarter. Earnest Partners LLC raised its holdings in Pinnacle Financial Partners by 35.9% during the third quarter. Earnest Partners LLC now owns 634,109 shares of the financial services provider’s stock worth $42,511,000 after buying an additional 167,527 shares during the last quarter. Peregrine Capital Management LLC raised its holdings in shares of Pinnacle Financial Partners by 1,239.7% in the third quarter. Peregrine Capital Management LLC now owns 158,900 shares of the financial services provider’s stock valued at $10,653,000 after purchasing an additional 147,039 shares during the last quarter. North Reef Capital Management LP raised its position in Pinnacle Financial Partners by 15.9% in the third quarter. North Reef Capital Management LP now owns 910,108 shares of the financial services provider’s stock worth $61,014,000 after acquiring an additional 124,573 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new position in Pinnacle Financial Partners during the third quarter valued at approximately $8,033,000. 87.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of recent research reports. Stephens reaffirmed an “overweight” rating and issued a $108.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 17th. Barclays initiated coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They set an “equal weight” rating and a $93.00 price target on the stock. UBS Group dropped their price target on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, January 18th. Jefferies Financial Group lowered their target price 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. Finally, Truist Financial increased their price target on Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a “buy” rating in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued 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 $92.57.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the sale, the chief financial officer now owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Pinnacle Financial Partners news, CEO M Terry Turner sold 24,057 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the transaction, the chief executive officer now directly owns 294,790 shares in the company, valued at approximately $24,237,633.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the transaction, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The disclosure for this sale can be found here. Insiders have sold a total of 47,844 shares of company stock valued at $3,933,734 in the last quarter. Insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Stock Performance

PNFP traded up $1.04 on Tuesday, hitting $82.46. The company’s stock had a trading volume of 128,240 shares, compared to its average volume of 451,657. The company’s 50 day simple moving average is $82.32 and its 200-day simple moving average is $79.05. The firm has a market cap of $6.36 billion, a P/E ratio of 11.34 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 12 month low of $43.31 and a 12 month high of $92.33. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.44.

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.