Truist Financial Corp Reduces Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Truist Financial Corp cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 9.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,570 shares of the financial services provider's stock after selling 7,109 shares during the quarter. Truist Financial Corp owned about 0.08% of Pinnacle Financial Partners worth $7,386,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. CIBC Asset Management Inc grew its holdings in shares of Pinnacle Financial Partners by 5.6% during the fourth quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider's stock valued at $277,000 after buying an additional 129 shares during the last quarter. Principal Securities Inc. grew its holdings in shares of Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock valued at $92,000 after buying an additional 91 shares during the last quarter. Beacon Capital Management LLC grew its holdings in shares of Pinnacle Financial Partners by 101,563.6% during the fourth quarter. Beacon Capital Management LLC now owns 22,366 shares of the financial services provider's stock valued at $2,558,000 after buying an additional 22,344 shares during the last quarter. Asset Planning Inc purchased a new stake in Pinnacle Financial Partners in the fourth quarter valued at $212,000. Finally, Vicus Capital purchased a new stake in Pinnacle Financial Partners in the fourth quarter valued at $204,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PNFP shares. UBS Group started coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price target on the stock. Wells Fargo & Company upped their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an "equal weight" rating in a report on Thursday, January 23rd. JPMorgan Chase & Co. lowered their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating on the stock in a report on Tuesday, January 7th. Stephens reaffirmed an "overweight" rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Finally, Citigroup upped their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a report on Tuesday, December 31st. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $125.18.

Pinnacle Financial Partners Trading Down 3.4 %

PNFP stock opened at $114.21 on Friday. The company's 50-day simple moving average is $118.68 and its 200-day simple moving average is $109.45. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The firm has a market cap of $8.82 billion, a P/E ratio of 19.10 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results 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 net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. During the same quarter in the prior year, the firm earned $1.68 EPS. The company's revenue for the quarter was up 19.9% on a year-over-year basis. As a group, equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.84%. The ex-dividend date of this dividend is Friday, February 7th. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's dividend payout ratio is 16.05%.

Insider Buying and Selling

In related news, Director David B. Ingram sold 40,000 shares of the company's stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the transaction, the director now owns 40,991 shares in the company, valued at $5,185,361.50. This represents a 49.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the company's 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 transaction, the chief financial officer now 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 position. The disclosure for this sale can be found here. Insiders sold a total of 126,970 shares of company stock worth $15,922,061 in the last 90 days. Insiders own 1.87% of the company's stock.

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.

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