Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Bought by Quantinno Capital Management LP

Quantinno Capital Management LP raised its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 47.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,228 shares of the financial services provider's stock after acquiring an additional 8,386 shares during the quarter. Quantinno Capital Management LP's holdings in Pinnacle Financial Partners were worth $3,000,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Norges Bank purchased a new position in Pinnacle Financial Partners in the 4th quarter worth approximately $101,798,000. North Reef Capital Management LP raised its position in shares of 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 valued at $221,917,000 after buying an additional 705,000 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. bought a new position in shares of Pinnacle Financial Partners during the fourth quarter worth $78,110,000. Capital Research Global Investors grew its stake 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 valued at $178,425,000 after acquiring an additional 566,061 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at $44,737,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on PNFP. Truist Financial initiated coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 13th. They set a "buy" rating and a $123.00 price objective for the company. Barclays cut their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Hovde Group raised Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective on the stock in a report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their target price on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and an average price target of $121.27.

Pinnacle Financial Partners Stock Down 0.5%

Pinnacle Financial Partners stock traded down $0.49 during mid-day trading on Friday, reaching $105.55. 222,496 shares of the company were exchanged, compared to its average volume of 503,736. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The business has a fifty day moving average of $101.65 and a 200 day moving average of $112.30. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market cap of $8.19 billion, a P/E ratio of 17.65 and a beta of 1.00.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.82 by $0.08. The business had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same quarter in the prior year, the business posted $1.53 EPS. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.91%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners's payout ratio is 15.53%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the transaction, the director now directly owns 9,943 shares in the company, valued at $1,009,711.65. This represents a 23.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the transaction, the chief executive officer now owns 254,552 shares of the company's stock, valued at $25,615,567.76. This represents a 0.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,041 shares of company stock worth $5,062,386 in the last ninety days. Insiders own 1.46% of the company's stock.

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.