Pinnacle Financial Partners, Inc. $PNFP Shares Sold by Andra AP fonden

Andra AP fonden trimmed its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 19.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,200 shares of the company's stock after selling 16,500 shares during the period. Andra AP fonden owned about 0.09% of Pinnacle Financial Partners worth $6,981,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Pinnacle Financial Partners during the second quarter valued at $1,704,708,000. Dimensional Fund Advisors LP lifted its stake in shares of Pinnacle Financial Partners by 80.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company's stock valued at $433,712,000 after buying an additional 2,244,659 shares during the period. Wellington Management Group LLP lifted its stake in shares of Pinnacle Financial Partners by 22.1% during the second quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company's stock valued at $1,123,944,000 after buying an additional 2,016,827 shares during the period. Bank of New York Mellon Corp acquired a new stake in Pinnacle Financial Partners during the second quarter worth approximately $133,031,000. Finally, Norges Bank acquired a new stake in Pinnacle Financial Partners during the fourth quarter worth approximately $116,349,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $93.47 on Thursday. The stock's 50-day moving average is $101.75. The firm has a market capitalization of $7.25 billion, a PE ratio of 12.84, a PEG ratio of 0.38 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $110.33. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.17 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were paid a dividend of $0.50 per share. The ex-dividend date was Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.1%. Pinnacle Financial Partners's dividend payout ratio (DPR) is 27.47%.

Analyst Ratings Changes

A number of brokerages have recently commented on PNFP. Weiss Ratings raised Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, June 26th. DA Davidson raised their price target on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Truist Financial lifted their price target on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Stephens set a $112.00 price target on Pinnacle Financial Partners in a report on Monday, July 27th. Finally, TD Cowen upped their price objective on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $119.68.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO Kevin Blair purchased 2,565 shares of the firm's stock in a transaction dated Tuesday, September 1st. The stock was acquired at an average cost of $97.48 per share, with a total value of $250,036.20. Following the acquisition, the chief executive officer owned 152,397 shares of the company's stock, valued at approximately $14,855,659.56. This represents a 1.71% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gregory Montana bought 500 shares of the stock in a transaction dated Thursday, September 10th. The shares were bought at an average cost of $98.61 per share, with a total value of $49,305.00. Following the completion of the acquisition, the director directly owned 4,959 shares of the company's stock, valued at approximately $489,006.99. The trade was a 11.21% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have purchased 13,078 shares of company stock valued at $1,299,640 and have sold 177,228 shares valued at $19,153,713. 1.30% of the stock is currently owned by insiders.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.

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