Salzhauer Michael Has $5.41 Million Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Salzhauer Michael cut its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 16.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 47,323 shares of the financial services provider’s stock after selling 9,006 shares during the period. Pinnacle Financial Partners comprises 1.9% of Salzhauer Michael’s portfolio, making the stock its 12th biggest holding. Salzhauer Michael’s holdings in Pinnacle Financial Partners were worth $5,413,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Principal Securities Inc. grew its stake in shares of Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 91 shares in the last quarter. Sage Mountain Advisors LLC lifted its position in Pinnacle Financial Partners by 0.3% during the 4th quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider’s stock worth $4,141,000 after buying an additional 99 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Pinnacle Financial Partners by 3.1% in the 4th quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock valued at $389,000 after acquiring an additional 102 shares in the last quarter. Cahaba Wealth Management Inc. increased its position in shares of Pinnacle Financial Partners by 1.7% in the fourth quarter. Cahaba Wealth Management Inc. now owns 6,625 shares of the financial services provider’s stock valued at $758,000 after acquiring an additional 113 shares during the last quarter. Finally, Legacy Financial Advisors Inc. raised its holdings in Pinnacle Financial Partners by 5.3% during the fourth quarter. Legacy Financial Advisors Inc. now owns 2,414 shares of the financial services provider’s stock worth $276,000 after acquiring an additional 122 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Transactions at Pinnacle Financial Partners

In other news, Director Glenda Baskin Glover sold 3,000 shares of the company’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the transaction, the director now directly owns 9,943 shares in the company, valued at approximately $1,009,711.65. This represents a 23.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David B. Ingram sold 40,000 shares of the firm’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the sale, the director now directly owns 40,991 shares in the company, valued at approximately $5,185,361.50. This trade represents a 49.39 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,350 shares of company stock valued at $11,421,320. 1.46% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on PNFP shares. Wells Fargo & Company cut their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Barclays lowered their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday. Hovde Group raised Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 target price on the stock in a report on Wednesday. Finally, Citigroup raised 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. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $121.50.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $94.75 on Thursday. The company’s 50-day moving average price is $105.81 and its two-hundred day moving average price is $111.77. The firm has a market cap of $7.33 billion, a P/E ratio of 15.84 and a beta of 0.94. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.82 by $0.08. The business had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same period in the previous year, the business earned $1.53 earnings per share. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 16.05%.

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.