Retirement Systems of Alabama Increases Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Retirement Systems of Alabama increased its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.0% during the 4th quarter, HoldingsChannel reports. The fund owned 230,036 shares of the financial services provider’s stock after acquiring an additional 103 shares during the quarter. Retirement Systems of Alabama’s holdings in Pinnacle Financial Partners were worth $26,314,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. OneDigital Investment Advisors LLC increased its holdings in Pinnacle Financial Partners by 1.3% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock worth $651,000 after purchasing an additional 88 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Pinnacle Financial Partners by 0.6% in the third quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock worth $1,761,000 after buying an additional 100 shares during the last quarter. Blue Trust Inc. raised its holdings in Pinnacle Financial Partners by 10.6% in the third quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock valued at $129,000 after acquiring an additional 126 shares in the last quarter. Strategic Blueprint LLC boosted its stake 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 valued at $394,000 after acquiring an additional 133 shares during the last quarter. Finally, GAMMA Investing LLC grew 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 acquiring an additional 141 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PNFP. Truist Financial upped their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. UBS Group began coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target for the company. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $125.18.

Insider Buying and Selling

In other news, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction on Monday, December 9th. The stock was 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 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David B. Ingram sold 10,309 shares of the firm’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $126.00, for a total value of $1,298,934.00. Following the transaction, the director now directly owns 82,256 shares in the company, valued at $10,364,256. This trade represents a 11.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 86,970 shares of company stock valued at $10,862,061 in the last three months. 1.87% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $125.35 on Thursday. The stock’s fifty day moving average is $119.22 and its two-hundred day moving average is $107.39. The stock has a market capitalization of $9.68 billion, a price-to-earnings ratio of 20.96 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91.

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 for the quarter, beating 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 for the quarter, compared to the consensus estimate of $470.33 million. During the same period last year, the firm posted $1.68 EPS. Pinnacle Financial Partners’s quarterly revenue was up 19.9% compared to the same quarter last year. On average, research analysts predict that Pinnacle Financial Partners, Inc. will post 7.79 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be given a dividend of $0.24 per share. 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. This represents a $0.96 annualized dividend and a dividend yield of 0.77%. Pinnacle Financial Partners’s payout ratio is currently 14.72%.

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.