Private Management Group Inc. Sells 63,950 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Private Management Group Inc. lessened its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 13.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 397,269 shares of the financial services provider’s stock after selling 63,950 shares during the period. Pinnacle Financial Partners comprises 1.3% of Private Management Group Inc.’s portfolio, making the stock its 19th largest holding. Private Management Group Inc. owned about 0.52% of Pinnacle Financial Partners worth $34,650,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth approximately $95,000. New York State Common Retirement Fund lifted its stake in shares of Pinnacle Financial Partners by 1.2% in the fourth quarter. New York State Common Retirement Fund now owns 595,168 shares of the financial services provider’s stock worth $51,911,000 after buying an additional 7,178 shares in the last quarter. CWM LLC lifted its stake in shares of Pinnacle Financial Partners by 62.3% in the fourth quarter. CWM LLC now owns 865 shares of the financial services provider’s stock worth $75,000 after buying an additional 332 shares in the last quarter. Criterion Capital Advisors LLC bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth approximately $174,000. Finally, CapWealth Advisors LLC bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth approximately $203,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP traded down $0.08 during mid-day trading on Tuesday, reaching $81.34. The stock had a trading volume of 1,113,039 shares, compared to its average volume of 465,434. The firm has a market cap of $6.27 billion, a price-to-earnings ratio of 11.33 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 business has a fifty day moving average of $82.34 and a 200 day moving average of $79.15. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.90 and a current ratio of 0.90.

Insiders Place Their Bets

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

Analyst Ratings Changes

Several research analysts have recently weighed in on PNFP shares. Truist Financial boosted their price objective on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a “buy” rating in a report on Monday, April 1st. UBS Group decreased their price objective on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, January 18th. Hovde Group decreased their price objective on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a report on Tuesday. Jefferies Financial Group reduced their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. Finally, Stephens reaffirmed an “overweight” rating and set a $109.00 target price on shares of Pinnacle Financial Partners in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $93.50.

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.