Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Guggenheim Capital LLC

Posted by Defense World Staff on Mar 6th, 2023

Guggenheim Capital LLC reduced its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Get Rating) by 6.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,672 shares of the financial services provider’s stock after selling 1,073 shares during the quarter. Guggenheim Capital LLC’s holdings in Pinnacle Financial Partners were worth $1,352,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PNFP. First Personal Financial Services acquired a new stake in shares of Pinnacle Financial Partners in the third quarter valued at approximately $35,000. CoreCap Advisors LLC acquired a new stake in shares of Pinnacle Financial Partners during the second quarter worth $37,000. Pinebridge Investments L.P. lifted its holdings in shares of Pinnacle Financial Partners by 470.0% during the second quarter. Pinebridge Investments L.P. now owns 570 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 470 shares during the period. Wipfli Financial Advisors LLC acquired a new stake in shares of Pinnacle Financial Partners during the third quarter worth $45,000. Finally, Quadrant Capital Group LLC lifted its holdings in shares of Pinnacle Financial Partners by 589.5% during the third quarter. Quadrant Capital Group LLC now owns 917 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 784 shares during the period. 79.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. StockNews.com downgraded Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a report on Friday, January 20th. JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $95.00 to $85.00 and set an “overweight” rating for the company in a report on Tuesday, December 13th. Wells Fargo & Company cut their price objective on Pinnacle Financial Partners from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, December 15th. Finally, Truist Financial cut their price objective on Pinnacle Financial Partners from $96.00 to $90.00 in a research report on Friday, December 9th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $85.57.

Insider Activity

In other news, Director Joseph C. Galante purchased 1,000 shares of the company’s stock in a transaction dated Friday, January 20th. The stock was acquired at an average price of $72.26 per share, for a total transaction of $72,260.00. Following the completion of the transaction, the director now directly owns 22,508 shares in the company, valued at approximately $1,626,428.08. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Joseph C. Galante acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, January 20th. The stock was purchased at an average price of $72.26 per share, for a total transaction of $72,260.00. Following the transaction, the director now owns 22,508 shares in the company, valued at approximately $1,626,428.08. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Robert A. Mccabe, Jr. sold 24,168 shares of Pinnacle Financial Partners stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $73.38, for a total value of $1,773,447.84. Following the sale, the chairman now owns 302,071 shares of the company’s stock, valued at approximately $22,165,969.98. The disclosure for this sale can be found here. Insiders sold a total of 27,171 shares of company stock worth $2,019,695 over the last 90 days. 2.10% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Trading Up 1.0 %

NASDAQ:PNFP opened at $73.12 on Monday. Pinnacle Financial Partners, Inc. has a 1 year low of $67.86 and a 1 year high of $99.35. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of 10.18 and a beta of 1.14. The stock has a fifty day moving average price of $75.70 and a two-hundred day moving average price of $79.28. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.86 and a current ratio of 0.86.

Pinnacle Financial Partners (NASDAQ:PNFP – Get Rating) last announced its quarterly earnings results on Tuesday, January 17th. The financial services provider reported $1.76 earnings per share for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.32). Pinnacle Financial Partners had a net margin of 31.33% and a return on equity of 10.90%. The firm had revenue of $401.78 million during the quarter, compared to analysts’ expectations of $423.54 million. As a group, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.31 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 24th. Stockholders of record on Friday, February 3rd were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend was Thursday, February 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.26%.

Pinnacle Financial Partners Profile

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Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.