Truist Financial Corp Lowers Stock Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Truist Financial reduced its stake in Pinnacle Financial Partners by 46.8% in the fourth quarter, selling 22,442 shares and leaving it with 25,512 shares worth about $2.43 million.
• Pinnacle Financial Partners reported better-than-expected quarterly results, posting $2.39 EPS on revenue of $1.22 billion, both above analyst estimates.
• The company declared a quarterly dividend of $0.50 per share, implying a 2.1% yield, while analysts currently rate the stock a Moderate Buy with an average price target of $115.19.

Truist Financial Corp cut its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 46.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 25,512 shares of the company's stock after selling 22,442 shares during the period. Truist Financial Corp's holdings in Pinnacle Financial Partners were worth $2,434,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. GenTrust LLC purchased a new position in Pinnacle Financial Partners during the fourth quarter valued at $345,000. Oppenheimer Asset Management Inc. lifted its holdings in Pinnacle Financial Partners by 0.3% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 114,983 shares of the company's stock valued at $10,971,000 after purchasing an additional 378 shares in the last quarter. Activest Wealth Management purchased a new position in Pinnacle Financial Partners during the fourth quarter valued at $28,000. Simplicity Wealth LLC lifted its holdings in Pinnacle Financial Partners by 7.7% during the fourth quarter. Simplicity Wealth LLC now owns 9,024 shares of the company's stock valued at $861,000 after purchasing an additional 646 shares in the last quarter. Finally, Westhampton Capital LLC lifted its holdings in Pinnacle Financial Partners by 1.2% during the fourth quarter. Westhampton Capital LLC now owns 17,295 shares of the company's stock valued at $1,650,000 after purchasing an additional 210 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Up 0.1%

NYSE:PNFP opened at $96.59 on Wednesday. The stock has a 50-day simple moving average of $90.89. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $7.49 billion, a P/E ratio of 13.40, a P/E/G ratio of 0.37 and a beta of 1.06. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.09. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. On average, analysts expect that Pinnacle Financial Partners, Inc. will post 10.34 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 1st will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, May 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 27.74%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory purchased 1,000 shares of the firm's stock in a transaction dated Thursday, February 12th. The shares were purchased at an average cost of $94.52 per share, with a total value of $94,520.00. Following the completion of the purchase, the chief financial officer owned 49,485 shares in the company, valued at approximately $4,677,322.20. This represents a 2.06% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 1.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PNFP. Truist Financial increased their price objective on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a "buy" rating in a report on Monday. JPMorgan Chase & Co. increased their price objective on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the company an "overweight" rating in a report on Friday, April 24th. TD Cowen decreased their price objective on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a "buy" rating on the stock in a report on Monday, April 27th. Barclays decreased their price objective on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Finally, UBS Group increased their price objective on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a "buy" rating in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $115.19.

Pinnacle Financial Partners Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.