Waldron Private Wealth LLC Buys Shares of 2,088 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Waldron Private Wealth LLC acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,088 shares of the financial services provider's stock, valued at approximately $239,000.

Several other large investors have also recently bought and sold shares of the company. FMR LLC increased its position in shares of Pinnacle Financial Partners by 11.6% in the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider's stock valued at $266,127,000 after buying an additional 282,016 shares in the last quarter. Geode Capital Management LLC grew its stake in Pinnacle Financial Partners by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider's stock valued at $130,192,000 after acquiring an additional 8,604 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Pinnacle Financial Partners by 20.5% in the third quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider's stock worth $99,443,000 after acquiring an additional 172,750 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock worth $96,332,000 after purchasing an additional 208,938 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Pinnacle Financial Partners by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider's stock valued at $90,141,000 after purchasing an additional 9,856 shares in the last quarter. Institutional investors own 87.40% of the company's stock.

Insider Activity

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the transaction, the chief financial officer now directly owns 60,805 shares of the company's stock, valued at $7,635,283.85. The trade was a 4.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction of $6,204,500.00. Following the completion of the transaction, the chairman now directly owns 123,000 shares in the company, valued at $15,263,070. The trade was a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 86,970 shares of company stock valued at $10,862,061. 1.87% of the stock is owned by company insiders.

Pinnacle Financial Partners Stock Up 0.6 %

NASDAQ PNFP traded up $0.80 during trading hours on Thursday, hitting $126.15. 579,780 shares of the company traded hands, compared to its average volume of 502,628. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The business's 50-day moving average is $119.19 and its 200-day moving average is $107.52. The stock has a market capitalization of $9.74 billion, a price-to-earnings ratio of 21.10 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm's revenue for the quarter was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.68 EPS. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.79 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, February 7th. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 0.76%. Pinnacle Financial Partners's payout ratio is currently 16.05%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PNFP. Stephens reissued an "overweight" rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. UBS Group assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a "neutral" rating and a $133.00 price objective on the stock. Truist Financial upped their target price 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. Citigroup increased their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a report on Tuesday, December 31st. Finally, JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating for the company in a research report on Tuesday, January 7th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $125.18.

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.