Stephens Inc. AR acquired a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,824 shares of the financial services provider’s stock, valued at approximately $209,000.
A number of other institutional investors also recently bought and sold shares of PNFP. OneDigital Investment Advisors LLC grew its holdings in Pinnacle Financial Partners by 1.3% during the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock valued at $651,000 after purchasing an additional 88 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Pinnacle Financial Partners by 0.6% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock valued at $1,761,000 after acquiring an additional 100 shares during the period. Blue Trust Inc. increased its holdings in Pinnacle Financial Partners by 10.6% in the 3rd quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock worth $129,000 after acquiring an additional 126 shares in the last quarter. Strategic Blueprint LLC raised its stake in Pinnacle Financial Partners by 3.4% during the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock worth $394,000 after acquiring an additional 133 shares during the period. Finally, Caprock Group LLC lifted its holdings in Pinnacle Financial Partners by 2.7% during the third quarter. Caprock Group LLC now owns 5,774 shares of the financial services provider’s stock valued at $566,000 after purchasing an additional 154 shares in the last quarter. 87.40% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
PNFP has been the subject of a number of analyst reports. Truist Financial increased their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. UBS Group began coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. Stephens reaffirmed an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Citigroup lifted their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $125.18.
Read Our Latest Analysis on Pinnacle Financial Partners
Pinnacle Financial Partners Stock Performance
NASDAQ:PNFP opened at $120.24 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market cap of $9.29 billion, a price-to-earnings ratio of 20.11 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 stock’s 50 day simple moving average is $118.70 and its two-hundred day simple moving average is $108.88.
Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last announced its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. During the same quarter in the previous year, the business posted $1.68 earnings per share. Pinnacle Financial Partners’s quarterly revenue was up 19.9% on a year-over-year basis. As a group, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.
Pinnacle Financial Partners Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be issued a $0.24 dividend. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.80%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 14.72%.
Insider Activity at Pinnacle Financial Partners
In other news, Director David B. Ingram sold 20,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the director now directly owns 92,565 shares of the company’s stock, valued at $11,665,041.30. This trade represents a 17.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the transaction, the chairman now owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 126,970 shares of company stock valued at $15,922,061. Insiders own 1.87% of the company’s stock.
About Pinnacle Financial Partners
(Free Report)
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.
See Also
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