Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Holdings Cut by Frontier Capital Management Co. LLC

Frontier Capital Management Co. LLC lessened its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 0.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 545,112 shares of the financial services provider's stock after selling 3,257 shares during the quarter. Frontier Capital Management Co. LLC owned about 0.71% of Pinnacle Financial Partners worth $62,355,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Pinnacle Financial Partners by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock valued at $823,652,000 after acquiring an additional 87,058 shares in the last quarter. FMR LLC lifted its holdings in shares of Pinnacle Financial Partners by 10.6% during the 4th quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock valued at $343,549,000 after acquiring an additional 286,894 shares in the last quarter. North Reef Capital Management LP lifted its holdings in shares of Pinnacle Financial Partners by 57.1% during the 4th 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 acquiring an additional 705,000 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Pinnacle Financial Partners by 57.0% during the 4th 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, Wellington Management Group LLP lifted its holdings in shares of Pinnacle Financial Partners by 16.5% during the 4th quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock valued at $172,072,000 after acquiring an additional 213,505 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP traded up $0.38 during trading on Tuesday, reaching $111.29. 167,890 shares of the company's stock traded hands, compared to its average volume of 498,745. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The company has a 50 day moving average of $100.47 and a 200-day moving average of $112.26. The stock has a market capitalization of $8.61 billion, a P/E ratio of 18.61 and a beta of 1.00.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.82 by $0.08. The firm had revenue of $475.37 million during the quarter, compared to analysts' expectations 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 firm earned $1.53 EPS. On average, equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 15.53%.

Insider Activity

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 transaction of $304,650.00. Following the completion of the sale, the director now directly owns 9,943 shares of the company's stock, valued at $1,009,711.65. This represents a 23.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO M Terry Turner sold 2,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 254,552 shares of the company's stock, valued at approximately $25,615,567.76. This represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,041 shares of company stock worth $5,062,386 over the last three months. Corporate insiders own 1.46% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Truist Financial started coverage on shares of Pinnacle Financial Partners in a report on Tuesday. They set a "buy" rating and a $123.00 target price on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. Barclays lowered their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Stephens reiterated an "overweight" rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of "Moderate Buy" and a consensus target price of $119.90.

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.