Junto Capital Management LP Sells 542,227 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Junto Capital Management LP cut its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 61.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 346,581 shares of the financial services provider's stock after selling 542,227 shares during the period. Junto Capital Management LP owned 0.45% of Pinnacle Financial Partners worth $39,645,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Pinnacle Financial Partners in the 4th quarter valued at approximately $101,798,000. North Reef Capital Management LP lifted its holdings 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 purchasing an additional 705,000 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. acquired a new position in Pinnacle Financial Partners in the 4th quarter worth approximately $78,110,000. Capital Research Global Investors raised its stake in 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 purchasing an additional 566,061 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at $44,737,000. 87.40% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the firm's stock in a transaction 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 sale, the director now owns 9,943 shares of the company's stock, valued at $1,009,711.65. This trade represents a 23.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the firm's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the completion of the sale, the chairman now directly owns 83,000 shares of the company's stock, valued at approximately $9,446,230. This represents a 32.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 45,041 shares of company stock worth $5,062,386. Insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Trading Down 0.3%

NASDAQ PNFP traded down $0.33 during trading hours on Wednesday, reaching $111.19. The company's stock had a trading volume of 31,588 shares, compared to its average volume of 498,437. 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 52 week low of $73.62 and a 52 week high of $131.91. The stock has a market cap of $8.60 billion, a P/E ratio of 18.59 and a beta of 1.00. The firm has a fifty day simple moving average of $100.58 and a 200-day simple moving average of $112.25.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly 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 return on equity of 9.04% and a net margin of 15.48%. The firm had revenue of $475.37 million for the quarter, compared to analysts' expectations of $478.11 million. During the same period in the prior year, the business earned $1.53 EPS. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Keefe, Bruyette & Woods cut their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. JPMorgan Chase & Co. lowered 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 research note on Wednesday, April 16th. Truist Financial started coverage on Pinnacle Financial Partners in a report on Tuesday. They issued a "buy" rating and a $123.00 price target for the company. Wells Fargo & Company dropped their price target on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Finally, Barclays cut their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target 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.