Sanctuary Advisors LLC grew its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 585.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 27,465 shares of the financial services provider's stock after buying an additional 23,456 shares during the period. Sanctuary Advisors LLC's holdings in Pinnacle Financial Partners were worth $2,691,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. OneDigital Investment Advisors LLC lifted its stake in Pinnacle Financial Partners by 1.3% in the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider's stock valued at $651,000 after buying an additional 88 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in Pinnacle Financial Partners by 0.6% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider's stock valued at $1,761,000 after acquiring an additional 100 shares in the last quarter. Blue Trust Inc. boosted its stake in Pinnacle Financial Partners by 10.6% in the 3rd quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider's stock worth $129,000 after purchasing an additional 126 shares during the period. Strategic Blueprint LLC increased its holdings in Pinnacle Financial Partners by 3.4% during the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider's stock worth $394,000 after purchasing an additional 133 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings 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 worth $97,000 after purchasing an additional 141 shares in the last quarter. Institutional investors own 87.40% of the company's stock.
Insider Activity at Pinnacle Financial Partners
In other news, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the sale, the chief financial officer now directly owns 60,805 shares of the company's stock, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the sale, the chairman now directly owns 123,000 shares in the company, valued at $15,263,070. The trade was a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,661 shares of company stock valued at $9,563,127 over the last ninety days. 1.87% of the stock is owned by corporate insiders.
Pinnacle Financial Partners Price Performance
Shares of PNFP traded down $5.98 during midday trading on Wednesday, hitting $111.05. The company's stock had a trading volume of 549,315 shares, compared to its average volume of 472,388. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The stock has a market capitalization of $8.58 billion, a price-to-earnings ratio of 21.11 and a beta of 1.08. The company's fifty day simple moving average is $115.18 and its two-hundred day simple moving average is $98.03.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.07. The business had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same period last year, the firm posted $1.79 earnings per share. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.
Pinnacle Financial Partners Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.79%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 16.73%.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on PNFP. Truist Financial upped their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. Citigroup upped their price target on Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a "buy" rating in a research report on Thursday, October 17th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Wells Fargo & Company raised their target price on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 3rd. Finally, Hovde Group downgraded shares of Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price objective on the stock. in a report on Monday, November 18th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $117.55.
Check Out Our Latest Research Report on PNFP
Pinnacle Financial Partners Company Profile
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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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