Oliver Luxxe Assets LLC boosted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 19.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 46,667 shares of the financial services provider's stock after purchasing an additional 7,691 shares during the period. Oliver Luxxe Assets LLC owned 0.06% of Pinnacle Financial Partners worth $5,338,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. TD Asset Management Inc raised its holdings in Pinnacle Financial Partners by 5.2% in the 2nd quarter. TD Asset Management Inc now owns 39,350 shares of the financial services provider's stock valued at $3,150,000 after acquiring an additional 1,948 shares during the period. Arizona State Retirement System boosted its stake in Pinnacle Financial Partners by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 21,577 shares of the financial services provider's stock valued at $1,727,000 after purchasing an additional 478 shares during the period. Oak Thistle LLC acquired a new position in Pinnacle Financial Partners in the 2nd quarter valued at $314,000. Wedbush Securities Inc. bought a new position in Pinnacle Financial Partners during the 2nd quarter worth $207,000. Finally, Choreo LLC lifted its holdings in shares of Pinnacle Financial Partners by 154.6% during the second quarter. Choreo LLC now owns 16,356 shares of the financial services provider's stock worth $1,296,000 after buying an additional 9,932 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction that occurred on 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 transaction, 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 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 3,610 shares of the company's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $126.07, for a total value of $455,112.70. Following the completion of the transaction, the director now owns 139,489 shares in the company, valued at approximately $17,585,378.23. The trade was a 2.52 % 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 valued at $9,563,127 in the last 90 days. 1.87% of the stock is currently owned by corporate insiders.
Pinnacle Financial Partners Stock Down 0.0 %
PNFP stock traded down $0.04 during midday trading on Monday, reaching $115.38. 548,992 shares of the company's stock traded hands, compared to its average volume of 421,664. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm's fifty day moving average price is $118.61 and its 200-day moving average price is $101.75. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The company has a market cap of $8.91 billion, a price-to-earnings ratio of 21.94 and a beta of 1.09.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, topping the consensus estimate of $1.79 by $0.07. The company had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same period in the previous year, the firm posted $1.79 earnings per share. As a group, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.
Pinnacle Financial Partners Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners's payout ratio is 16.73%.
Wall Street Analysts Forecast Growth
PNFP has been the subject of several research analyst reports. Barclays raised Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Truist Financial boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a research note on Monday, October 21st. UBS Group began coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a "neutral" rating and a $133.00 target price for the company. Finally, Citigroup upped their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a research 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 company. According to MarketBeat, Pinnacle Financial Partners has a consensus rating of "Hold" and an average target price of $119.73.
Read Our Latest Stock Analysis on Pinnacle Financial Partners
About Pinnacle Financial Partners
(
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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