Quantinno Capital Management LP Buys 8,386 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Quantinno Capital Management LP raised its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 47.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 26,228 shares of the financial services provider's stock after purchasing 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 filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in PNFP. KBC Group NV boosted its position in shares of Pinnacle Financial Partners by 1,054.3% during the 4th quarter. KBC Group NV now owns 26,722 shares of the financial services provider's stock valued at $3,057,000 after acquiring an additional 24,407 shares in the last quarter. Beacon Capital Management LLC boosted its position in shares of Pinnacle Financial Partners by 101,563.6% during the 4th quarter. Beacon Capital Management LLC now owns 22,366 shares of the financial services provider's stock valued at $2,558,000 after acquiring an additional 22,344 shares in the last quarter. Teacher Retirement System of Texas acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at about $367,000. Waldron Private Wealth LLC acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at about $239,000. Finally, Sage Investment Counsel LLC acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at about $8,671,000. Institutional investors own 87.40% of the company's stock.

Insider Buying and Selling

In related 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 filing with the SEC, which is available at the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the completion of the transaction, the chairman now owns 83,000 shares in the company, valued at $9,446,230. This represents a 32.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 45,041 shares of company stock valued at $5,062,386 over the last ninety days. Insiders own 1.46% of the company's stock.

Wall Street Analyst Weigh In

PNFP has been the topic of several recent research reports. Truist Financial initiated coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 13th. They set a "buy" rating and a $123.00 target price on the stock. Hovde Group upgraded shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target on the stock in a research report on Wednesday, April 16th. Wells Fargo & Company reduced their price target on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. 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. Finally, JPMorgan Chase & Co. reduced their price target on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of "Moderate Buy" and an average price target of $119.90.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $110.67 on Tuesday. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The firm's 50 day moving average is $101.33 and its 200-day moving average is $112.47. The firm has a market capitalization of $8.58 billion, a price-to-earnings ratio of 18.51 and a beta of 1.00. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

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

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be given a dividend of $0.24 per share. The ex-dividend date is Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.87%. Pinnacle Financial Partners's payout ratio is 15.53%.

Pinnacle Financial Partners 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.

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