Geode Capital Management LLC Purchases 8,604 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Geode Capital Management LLC raised its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 0.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,328,564 shares of the financial services provider's stock after acquiring an additional 8,604 shares during the period. Geode Capital Management LLC owned about 1.72% of Pinnacle Financial Partners worth $130,192,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Victory Capital Management Inc. grew its holdings in shares of Pinnacle Financial Partners by 17.9% in the third quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider's stock valued at $18,282,000 after acquiring an additional 28,327 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Pinnacle Financial Partners in the third quarter worth $3,606,000. Pier Capital LLC grew its stake in Pinnacle Financial Partners by 16.5% in the 2nd quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider's stock valued at $8,948,000 after purchasing an additional 15,797 shares during the period. Edgestream Partners L.P. increased its position in shares of Pinnacle Financial Partners by 1,017.9% during the 2nd quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider's stock valued at $5,688,000 after purchasing an additional 64,707 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Pinnacle Financial Partners by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider's stock worth $90,141,000 after purchasing an additional 9,856 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on PNFP shares. Barclays raised their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an "equal weight" rating in a report on Thursday, December 5th. Truist Financial raised their price target 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. Stephens upped their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 3rd. Finally, Hovde Group lowered Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 target price on the stock. in a research note on Monday, November 18th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $117.55.

Pinnacle Financial Partners Price Performance

PNFP stock traded down $5.98 during mid-day trading on Wednesday, reaching $111.05. 549,315 shares of the company traded hands, compared to its average volume of 472,388. 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 capitalization of $8.58 billion, a P/E ratio of 21.11 and a beta of 1.08. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The company has a fifty day moving average price of $115.18 and a 200-day moving average price of $98.03.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued 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 net margin of 13.97% and a return on equity of 8.89%. The company had revenue of $810.11 million during the quarter, compared to analysts' expectations of $454.18 million. During the same quarter in the previous year, the company earned $1.79 earnings per share. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were given a $0.22 dividend. The ex-dividend date was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.79%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 16.73%.

Insider Activity at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 20,000 shares of the business's stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $126.02, for a total value of $2,520,400.00. Following the completion of the sale, the director now directly owns 92,565 shares in the company, valued at approximately $11,665,041.30. The trade was a 17.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction on 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 transaction, the chairman now directly owns 123,000 shares in the company, valued at approximately $15,263,070. This represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,661 shares of company stock valued at $9,563,127. Company insiders own 1.87% of the company's stock.

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.