Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lowered its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 8,727 shares of the financial services provider’s stock after selling 165 shares during the quarter. State of Alaska Department of Revenue’s holdings in Pinnacle Financial Partners were worth $998,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. OneDigital Investment Advisors LLC lifted its holdings in Pinnacle Financial Partners by 1.3% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock valued at $651,000 after purchasing an additional 88 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings 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 purchasing an additional 100 shares in the last quarter. Blue Trust Inc. lifted its holdings 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 valued at $129,000 after purchasing an additional 126 shares in the last quarter. Strategic Blueprint LLC lifted its holdings in Pinnacle Financial Partners by 3.4% in the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock valued at $394,000 after purchasing an additional 133 shares in the last quarter. Finally, Caprock Group LLC lifted its holdings in Pinnacle Financial Partners by 2.7% in the 3rd quarter. Caprock Group LLC now owns 5,774 shares of the financial services provider’s stock valued at $566,000 after purchasing an additional 154 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. UBS Group assumed coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective on the stock. Hovde Group lowered 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. Stephens restated an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Finally, Truist Financial lifted their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average target price of $125.18.

Pinnacle Financial Partners Stock Up 0.5 %

Shares of PNFP opened at $119.85 on Friday. The firm has a market cap of $9.26 billion, a P/E ratio of 20.04 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The company’s 50-day moving average price is $118.92 and its 200 day moving average price is $108.46. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. The firm had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. Pinnacle Financial Partners’s revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.68 EPS. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be issued a $0.24 dividend. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.80%. The ex-dividend date of this dividend is Friday, February 7th. Pinnacle Financial Partners’s payout ratio is 14.72%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 20,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $126.02, for a total value 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. The trade was a 17.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total value 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 approximately $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 126,970 shares of company stock worth $15,922,061. 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.