Franklin Resources Inc. Cuts Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Franklin Resources Inc. trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 4.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 370,007 shares of the financial services provider's stock after selling 15,993 shares during the period. Franklin Resources Inc. owned about 0.48% of Pinnacle Financial Partners worth $36,745,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PNFP. International Assets Investment Management LLC acquired a new stake in Pinnacle Financial Partners in the second quarter valued at $29,000. Ashton Thomas Securities LLC acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth about $30,000. UMB Bank n.a. increased its holdings in shares of Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider's stock valued at $49,000 after acquiring an additional 226 shares during the last quarter. Values First Advisors Inc. acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth about $49,000. Finally, Quarry LP lifted its stake in Pinnacle Financial Partners by 3,500.0% during the second quarter. Quarry LP now owns 756 shares of the financial services provider's stock worth $61,000 after purchasing an additional 735 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Insider Activity at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 20,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the completion of the transaction, the director now directly owns 92,565 shares of the company's stock, valued at $11,665,041.30. This represents a 17.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm's stock in a transaction dated Friday, December 6th. The shares were 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 approximately $15,263,070. The trade was a 28.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,661 shares of company stock worth $9,563,127 in the last three months. Insiders own 1.87% of the company's stock.

Wall Street Analysts Forecast Growth

PNFP has been the topic of several recent analyst reports. Stephens increased their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. UBS Group assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday. They issued a "neutral" rating and a $133.00 target price for the company. Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. Truist Financial boosted their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Finally, Barclays raised Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $120.00 to $135.00 in a report on Thursday. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $118.91.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP traded down $0.10 during trading on Thursday, reaching $110.95. The company's stock had a trading volume of 799,322 shares, compared to its average volume of 473,723. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The firm has a market cap of $8.57 billion, a price-to-earnings ratio of 21.09 and a beta of 1.08. The business's fifty day moving average price is $115.47 and its 200-day moving average price is $98.13. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same period in the prior year, the business earned $1.79 EPS. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.79%. The ex-dividend date of this dividend was Friday, November 1st. Pinnacle Financial Partners's dividend payout ratio is presently 16.73%.

Pinnacle Financial Partners Company 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.