Pinnacle Financial Partners, Inc. $PNFP Shares Sold by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP reduced its stake in Pinnacle Financial Partners by 10.6%, selling 319,860 shares in the first quarter, bringing its total ownership to approximately 2,684,107 shares, worth $284.61 million.
• Pinnacle Financial Partners recently announced a quarterly dividend of $0.24 per share, set to be paid on August 29th, reflecting a 1.0% yield and a payout ratio of 12.73%.
• Analysts have adjusted their price targets for Pinnacle Financial Partners, with Citigroup lowering its target from $140.00 to $120.00, indicating a general trend of reduced high expectations for the company's stock.

Dimensional Fund Advisors LP trimmed its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 10.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,684,107 shares of the financial services provider's stock after selling 319,860 shares during the period. Dimensional Fund Advisors LP owned about 3.47% of Pinnacle Financial Partners worth $284,610,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. North Reef Capital Management LP grew its holdings in Pinnacle Financial Partners by 57.1% during the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock worth $221,917,000 after acquiring an additional 705,000 shares during the period. Capital Research Global Investors boosted its position in Pinnacle Financial Partners by 57.0% during the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock worth $178,425,000 after purchasing an additional 566,061 shares in the last quarter. Azora Capital LP boosted its position in Pinnacle Financial Partners by 39.2% during the fourth quarter. Azora Capital LP now owns 913,936 shares of the financial services provider's stock worth $104,545,000 after purchasing an additional 257,347 shares in the last quarter. Principal Financial Group Inc. boosted its position in Pinnacle Financial Partners by 3.9% during the first quarter. Principal Financial Group Inc. now owns 881,347 shares of the financial services provider's stock worth $93,458,000 after purchasing an additional 32,975 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Pinnacle Financial Partners by 22.4% during the fourth quarter. Northern Trust Corp now owns 685,795 shares of the financial services provider's stock worth $78,448,000 after purchasing an additional 125,431 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PNFP. Truist Financial reiterated a "buy" rating and set a $127.00 price target (up previously from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Jefferies Financial Group restated a "hold" rating and issued a $110.00 target price (down previously from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Wells Fargo & Company decreased their target price on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a research report on Friday, July 25th. Finally, UBS Group restated a "neutral" rating and issued a $121.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, July 9th. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $114.80.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director G Kennedy Thompson purchased 10,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $85.65 per share, with a total value of $856,500.00. Following the acquisition, the director directly owned 28,372 shares of the company's stock, valued at approximately $2,430,061.80. This represents a 54.43% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Harold R. Carpenter purchased 1,000 shares of the firm's stock in a transaction on Thursday, July 31st. The shares were acquired at an average cost of $89.73 per share, with a total value of $89,730.00. Following the completion of the acquisition, the chief financial officer directly owned 105,050 shares in the company, valued at $9,426,136.50. The trade was a 0.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 12,174 shares of company stock worth $1,047,079. Company insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Trading Up 4.8%

PNFP stock traded up $4.4020 during midday trading on Friday, hitting $96.7920. 491,116 shares of the company's stock were exchanged, compared to its average volume of 752,729. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The business has a 50-day simple moving average of $103.47 and a two-hundred day simple moving average of $105.31. The stock has a market capitalization of $7.51 billion, a PE ratio of 12.83 and a beta of 1.03.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, beating analysts' consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The business had revenue of $504.99 million during the quarter, compared to analysts' expectations of $495.27 million. During the same period in the previous year, the firm posted $1.63 earnings per share. The company's revenue was up 15.1% on a year-over-year basis. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be issued a $0.24 dividend. The ex-dividend date is Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a yield of 1.0%. Pinnacle Financial Partners's dividend payout ratio (DPR) is 12.73%.

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.