Wedge Capital Management L L P NC Sells 8,339 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Wedge Capital Management L L P NC lessened its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 8.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 89,413 shares of the financial services provider’s stock after selling 8,339 shares during the period. Wedge Capital Management L L P NC owned approximately 0.12% of Pinnacle Financial Partners worth $10,228,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PNFP. Ashton Thomas Securities LLC bought a new stake in Pinnacle Financial Partners in the 3rd quarter valued at $30,000. UMB Bank n.a. increased its position in Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 226 shares during the period. Values First Advisors Inc. acquired a new stake in Pinnacle Financial Partners in the 3rd quarter worth about $49,000. Brooklyn Investment Group bought a new stake in Pinnacle Financial Partners in the 3rd quarter valued at about $70,000. Finally, Quarry LP grew its position in shares of Pinnacle Financial Partners by 3,500.0% during the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 735 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 Pinnacle Financial Partners news, Director David B. Ingram sold 20,000 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $126.02, for a total value of $2,520,400.00. Following the sale, the director now owns 92,565 shares in the company, valued at approximately $11,665,041.30. The trade was a 17.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the sale, the chairman now directly owns 123,000 shares of the company’s stock, 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. Over the last 90 days, insiders have sold 76,661 shares of company stock worth $9,563,127. Company insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $119.91 on Friday. The stock’s 50-day moving average is $119.66 and its 200-day moving average is $103.99. The stock has a market cap of $9.26 billion, a P/E ratio of 22.80 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target for the company. in a research note on Monday, November 18th. JPMorgan Chase & Co. reduced their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Finally, UBS Group assumed coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $122.73.

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.