Pinnacle Financial Partners, Inc. $PNFP Shares Sold by Earnest Partners LLC

Key Points

• Earnest Partners LLC reduced its stake in Pinnacle Financial Partners by 2.2% in Q3, selling 14,940 shares and retaining 676,240 shares (about 0.87% of the company) valued at $63.43 million, while institutional investors own roughly 87.4% of PNFP.
• CFO Andrew J. Jr. Gregory bought 1,000 shares on Feb. 12 at $94.52, increasing his holdings to 49,485 shares (a 2.06% rise), and company insiders now own about 1.46% of the stock.
• Analysts have a consensus rating of Moderate Buy with a $113.41 price target; ratings vary (one Strong Buy, ten Buy, eight Hold) and Barclays recently raised its target to $135.

Earnest Partners LLC reduced its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 2.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 676,240 shares of the company's stock after selling 14,940 shares during the period. Earnest Partners LLC owned approximately 0.87% of Pinnacle Financial Partners worth $63,425,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Brown Brothers Harriman & Co. purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at approximately $26,000. BOKF NA lifted its holdings in shares of Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company's stock worth $27,000 after acquiring an additional 265 shares during the last quarter. Covestor Ltd boosted its position in shares of Pinnacle Financial Partners by 193.9% during the 3rd quarter. Covestor Ltd now owns 338 shares of the company's stock worth $32,000 after purchasing an additional 223 shares during the period. Quent Capital LLC purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $34,000. Finally, Eastern Bank acquired a new stake in Pinnacle Financial Partners in the 3rd quarter valued at approximately $37,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Insiders Place Their Bets

In other news, CFO Andrew J. Jr. Gregory purchased 1,000 shares of the firm's stock in a transaction that occurred on Thursday, February 12th. The stock was bought at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the completion of the purchase, the chief financial officer directly owned 49,485 shares of the company's stock, valued at $4,677,322.20. The trade was a 2.06% 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. 1.46% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Royal Bank Of Canada raised Pinnacle Financial Partners to a "moderate buy" rating in a research note on Monday, January 5th. Barclays increased their target price on Pinnacle Financial Partners from $125.00 to $135.00 and gave the stock an "overweight" rating in a research note on Friday, December 19th. Weiss Ratings started coverage on Pinnacle Financial Partners in a report on Monday, March 9th. They set a "hold (c+)" rating for the company. Truist Financial set a $100.00 target price on Pinnacle Financial Partners in a research report on Friday, January 9th. Finally, Wall Street Zen upgraded shares of Pinnacle Financial Partners to a "sell" rating in a research note on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and a consensus price target of $113.41.

Pinnacle Financial Partners Price Performance

PNFP opened at $82.83 on Monday. Pinnacle Financial Partners, Inc. has a 12 month low of $81.57 and a 12 month high of $120.46. The firm has a market cap of $6.43 billion, a P/E ratio of 10.24, a P/E/G ratio of 0.38 and a beta of 1.02. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a dividend, which was paid on Friday, February 27th. Investors of record on Friday, February 6th were issued a $0.50 dividend. The ex-dividend date of this dividend was Friday, February 6th. Pinnacle Financial Partners's dividend payout ratio (DPR) is 24.72%.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners NYSE: PNFP is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.

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