Barclays PLC raised its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 117.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 167,838 shares of the financial services provider's stock after buying an additional 90,478 shares during the quarter. Barclays PLC owned about 0.22% of Pinnacle Financial Partners worth $16,442,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Victory Capital Management Inc. lifted its position in Pinnacle Financial Partners by 17.9% during the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider's stock valued at $18,282,000 after acquiring an additional 28,327 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Pinnacle Financial Partners during the third quarter valued at approximately $3,606,000. Pier Capital LLC boosted its position in shares of Pinnacle Financial Partners by 16.5% in the 2nd quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider's stock worth $8,948,000 after purchasing an additional 15,797 shares in the last quarter. Edgestream Partners L.P. grew its stake in shares of Pinnacle Financial Partners by 1,017.9% in the 2nd quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider's stock worth $5,688,000 after buying an additional 64,707 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in 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 buying an additional 9,856 shares in the last quarter. Institutional investors own 87.40% of the company's stock.
Insider Activity
In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of Pinnacle Financial Partners stock in a transaction on 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 transaction, the chairman now directly owns 123,000 shares in the company, valued at approximately $15,263,070. The trade was a 28.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the business'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 sale, the chief financial officer now directly owns 60,805 shares of the company's stock, valued at $7,635,283.85. This represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,661 shares of company stock valued at $9,563,127 in the last quarter. 1.87% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Several research firms have commented on PNFP. Truist Financial boosted their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a report on Monday, October 21st. Citigroup increased their price objective on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a "buy" rating in a research report on Thursday, October 17th. Wells Fargo & Company raised their price objective on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Finally, Barclays increased their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, December 5th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners has an average rating of "Hold" and an average target price of $113.64.
View Our Latest Report on Pinnacle Financial Partners
Pinnacle Financial Partners Stock Performance
PNFP stock traded down $0.70 on Friday, hitting $117.70. The company had a trading volume of 553,658 shares, compared to its average volume of 431,341. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The stock has a market cap of $9.09 billion, a price-to-earnings ratio of 22.38 and a beta of 1.08. The stock's 50-day simple moving average is $114.25 and its 200 day simple moving average is $97.34.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.79 by $0.07. The firm had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same period last year, the business posted $1.79 EPS. As a group, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.
Pinnacle Financial Partners Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were paid a dividend of $0.22 per share. The ex-dividend date was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.75%. Pinnacle Financial Partners's dividend payout ratio is currently 16.73%.
Pinnacle Financial Partners Profile
(
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.
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