DAVENPORT & Co LLC Takes $322,000 Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

DAVENPORT & Co LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,814 shares of the financial services provider's stock, valued at approximately $322,000.

Several other institutional investors also recently modified their holdings of PNFP. Sanctuary Advisors LLC bought a new position in shares of Pinnacle Financial Partners in the second quarter valued at $322,000. SG Americas Securities LLC raised its stake in Pinnacle Financial Partners by 62.1% during the 3rd quarter. SG Americas Securities LLC now owns 7,412 shares of the financial services provider's stock valued at $726,000 after purchasing an additional 2,840 shares during the period. GAMMA Investing LLC raised its stake in Pinnacle Financial Partners by 16.5% during the 3rd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider's stock valued at $97,000 after purchasing an additional 141 shares during the period. UMB Bank n.a. raised its stake in Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider's stock valued at $49,000 after purchasing an additional 226 shares during the period. Finally, Independence Bank of Kentucky raised its stake in Pinnacle Financial Partners by 54.7% during the 3rd quarter. Independence Bank of Kentucky now owns 6,420 shares of the financial services provider's stock valued at $629,000 after purchasing an additional 2,270 shares during the period. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Down 3.3 %

NASDAQ:PNFP traded down $4.13 during trading hours on Wednesday, reaching $119.27. The company's stock had a trading volume of 437,611 shares, compared to its average volume of 482,429. The company has a market cap of $9.21 billion, a price-to-earnings ratio of 19.94 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The business's 50-day moving average is $119.02 and its 200-day moving average is $108.38. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90.

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 analysts' consensus estimates of $1.80 by $0.10. The firm had revenue of $475.34 million during the quarter, compared to analysts' expectations of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. Pinnacle Financial Partners's revenue for the quarter was up 19.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.68 earnings per share. Equities research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed 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. The ex-dividend date is Friday, February 7th. This is a boost from Pinnacle Financial Partners's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 0.80%. Pinnacle Financial Partners's dividend payout ratio is currently 14.72%.

Insider Buying and Selling

In other Pinnacle Financial Partners 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 transaction of $383,114.07. Following the completion of the sale, the chief financial officer now directly owns 60,805 shares in the company, valued at $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 Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $5,060,000.00. Following the sale, the director now owns 40,991 shares of the company's stock, valued at $5,185,361.50. This trade represents a 49.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 126,970 shares of company stock worth $15,922,061. Corporate insiders own 1.87% of the company's stock.

Analyst Upgrades and Downgrades

PNFP has been the topic of several recent analyst reports. Wells Fargo & Company boosted their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an "equal weight" rating in a research note on Thursday, January 23rd. Truist Financial boosted their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Hovde Group cut shares of Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price target on the stock. in a report on Monday, November 18th. Stephens restated an "overweight" rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Finally, Citigroup boosted their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a report on Tuesday, December 31st. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $125.18.

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.