Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Truist Financial Corp

Truist Financial Corp decreased its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 9.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 64,570 shares of the financial services provider’s stock after selling 7,109 shares during the period. Truist Financial Corp’s holdings in Pinnacle Financial Partners were worth $7,386,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Ashton Thomas Securities LLC purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at approximately $30,000. Values First Advisors Inc. purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at approximately $49,000. Brooklyn Investment Group purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at approximately $70,000. UMB Bank n.a. grew its stake in shares of Pinnacle Financial Partners by 48.1% in the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock valued at $84,000 after buying an additional 239 shares during the period. Finally, Principal Securities Inc. grew its stake in shares of Pinnacle Financial Partners by 12.7% in the 4th 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 period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm’s stock in a transaction on 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 approximately $15,263,070. This trade represents a 28.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David B. Ingram sold 20,000 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the completion of the sale, the director now owns 92,565 shares in the company, valued at $11,665,041.30. The trade was a 17.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 126,970 shares of company stock valued at $15,922,061 in the last 90 days. Company insiders own 1.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PNFP shares. Hovde Group cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target for the company. in a research note on Monday, November 18th. Wells Fargo & Company increased 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 research note on Thursday, January 23rd. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Citigroup increased their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Finally, UBS Group assumed coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective for the company. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average target price of $125.18.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $114.21 on Friday. 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 stock has a market capitalization of $8.82 billion, a PE ratio of 19.10 and a beta of 1.09. The firm has a 50 day moving average of $118.68 and a two-hundred day moving average of $109.45.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS 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 company had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. During the same quarter last year, the company posted $1.68 EPS. The firm’s revenue was up 19.9% compared to the same quarter last year. On average, research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.84%. The ex-dividend date of this dividend is Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.05%.

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.