Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lessened its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 4.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 86,594 shares of the financial services provider's stock after selling 3,890 shares during the quarter. Corebridge Financial Inc. owned approximately 0.11% of Pinnacle Financial Partners worth $9,905,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of PNFP. Brooklyn Investment Group purchased a new stake in Pinnacle Financial Partners during the third quarter worth about $70,000. UMB Bank n.a. grew its holdings in shares of Pinnacle Financial Partners by 48.1% in the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock valued at $84,000 after purchasing an additional 239 shares in the last quarter. Principal Securities Inc. increased its stake in Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock worth $92,000 after buying an additional 91 shares during the period. Trust Co. of Vermont acquired a new stake in Pinnacle Financial Partners during the 4th quarter worth approximately $97,000. Finally, Northwest & Ethical Investments L.P. purchased a new position in Pinnacle Financial Partners in the 3rd quarter valued at approximately $137,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 40,000 shares of the company's stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the sale, the director now directly owns 40,991 shares of the company's stock, valued at approximately $5,185,361.50. This represents a 49.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the transaction, the chief executive officer now directly owns 254,552 shares in the company, valued at approximately $25,615,567.76. This represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,350 shares of company stock worth $11,421,320. 1.46% of the stock is owned by insiders.

Pinnacle Financial Partners Stock Up 0.9 %

Shares of NASDAQ PNFP traded up $0.98 during mid-day trading on Monday, reaching $106.04. The company had a trading volume of 470,613 shares, compared to its average volume of 476,143. The firm has a 50 day simple moving average of $114.35 and a two-hundred day simple moving average of $112.46. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week 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 0.37. The stock has a market cap of $8.20 billion, a P/E ratio of 17.73 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. During the same quarter last year, the company posted $1.68 earnings per share. The business's quarterly revenue was up 19.9% compared to the same quarter last year. Sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were given a dividend of $0.24 per share. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.91%. Pinnacle Financial Partners's payout ratio is 16.05%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on 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. UBS Group started coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price target on the stock. Citigroup lifted their price objective 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. Keefe, Bruyette & Woods restated a "market perform" rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 23rd. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price 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.