ExodusPoint Capital Management LP Purchases Shares of 141,290 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

ExodusPoint Capital Management LP bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 141,290 shares of the financial services provider's stock, valued at approximately $16,162,000. ExodusPoint Capital Management LP owned approximately 0.18% of Pinnacle Financial Partners at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in PNFP. OneAscent Financial Services LLC acquired a new position in Pinnacle Financial Partners during the fourth quarter worth about $434,000. Villanova Investment Management Co LLC increased its position in Pinnacle Financial Partners by 4.4% during the 4th quarter. Villanova Investment Management Co LLC now owns 23,247 shares of the financial services provider's stock worth $2,659,000 after purchasing an additional 971 shares in the last quarter. Trexquant Investment LP bought a new position in Pinnacle Financial Partners in the 4th quarter valued at approximately $2,081,000. Franklin Resources Inc. boosted its position in Pinnacle Financial Partners by 1.0% in the fourth quarter. Franklin Resources Inc. now owns 373,553 shares of the financial services provider's stock valued at $42,731,000 after buying an additional 3,546 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Pinnacle Financial Partners by 16.5% during the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock worth $172,072,000 after buying an additional 213,505 shares during the last quarter. Institutional investors own 87.40% of the company's stock.

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Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Citigroup boosted their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a research report on Tuesday, December 31st. Wells Fargo & Company lowered their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research note on Wednesday. JPMorgan Chase & Co. cut their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 7th. Hovde Group decreased their price target on shares of Pinnacle Financial Partners from $135.00 to $120.00 and set a "market perform" rating for the company in a research report on Wednesday, April 2nd. Finally, Barclays dropped their price target on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research note on Tuesday. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has an average rating of "Moderate Buy" and a consensus price target of $124.70.

Insider Transactions at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 10,309 shares of the firm's stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $126.00, for a total value of $1,298,934.00. Following the completion of the sale, the director now directly owns 82,256 shares in the company, valued at $10,364,256. This trade represents a 11.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO M Terry Turner sold 2,000 shares of the company's stock in a transaction that occurred on 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 trade represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,350 shares of company stock valued at $11,421,320 in the last quarter. 1.46% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Trading Up 10.4 %

NASDAQ PNFP traded up $9.11 during mid-day trading on Wednesday, reaching $96.34. 1,127,767 shares of the stock were exchanged, compared to its average volume of 493,771. The stock has a market cap of $7.45 billion, a P/E ratio of 16.11 and a beta of 0.94. 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, Inc. has a one year low of $73.62 and a one year high of $131.91. The stock has a 50 day simple moving average of $108.99 and a 200-day simple moving average of $112.02.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share 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 firm had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. During the same period last year, the company posted $1.68 EPS. The business's quarterly revenue was up 19.9% on a year-over-year basis. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.00%. This is a boost from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. Pinnacle Financial Partners's dividend payout ratio is presently 16.05%.

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.