Artemis Investment Management LLP Has $55.21 Million Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Artemis Investment Management LLP lifted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 2.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 482,672 shares of the financial services provider's stock after buying an additional 12,455 shares during the period. Artemis Investment Management LLP owned about 0.62% of Pinnacle Financial Partners worth $55,213,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Truist Financial lifted their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a report on Monday, October 21st. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Barclays upgraded shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Stephens upped their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, October 17th. Finally, Citigroup raised their price target 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. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $122.73.

Pinnacle Financial Partners Stock Performance

PNFP traded up $1.85 during trading hours on Monday, reaching $119.91. The company's stock had a trading volume of 842,556 shares, compared to its average volume of 381,795. The company's 50-day moving average is $119.66 and its 200-day moving average is $104.18. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The firm has a market cap of $9.26 billion, a PE ratio of 22.80 and a beta of 1.09. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90.

Insider Transactions at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter sold 3,051 shares of the company's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at approximately $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the completion of the sale, the chairman now owns 123,000 shares of the company's stock, valued at $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 90 days, insiders sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is owned by insiders.

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.