Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) is Pinnacle Financial Partners Inc's 10th Largest Position

Pinnacle Financial Partners Inc trimmed its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 2.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 798,309 shares of the financial services provider's stock after selling 19,891 shares during the period. Pinnacle Financial Partners comprises about 1.7% of Pinnacle Financial Partners Inc's investment portfolio, making the stock its 10th largest holding. Pinnacle Financial Partners Inc owned about 1.04% of Pinnacle Financial Partners worth $69,629,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its position in shares of Pinnacle Financial Partners by 12.1% during the first quarter. American Century Companies Inc. now owns 6,848 shares of the financial services provider's stock worth $631,000 after buying an additional 738 shares during the period. Mitsubishi UFJ Trust & Banking Corp bought a new stake in Pinnacle Financial Partners during the first quarter worth about $101,000. PNC Financial Services Group Inc. grew its position in Pinnacle Financial Partners by 76.9% during the first quarter. PNC Financial Services Group Inc. now owns 6,527 shares of the financial services provider's stock worth $600,000 after buying an additional 2,838 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Pinnacle Financial Partners by 10.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,903 shares of the financial services provider's stock worth $2,569,000 after buying an additional 2,660 shares in the last quarter. Finally, BlackRock Inc. grew its position in Pinnacle Financial Partners by 1.5% during the first quarter. BlackRock Inc. now owns 6,935,015 shares of the financial services provider's stock worth $638,577,000 after buying an additional 104,706 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Trading Down 2.7 %

NASDAQ:PNFP traded down $2.32 during trading hours on Monday, hitting $83.56. 363,779 shares of the company were exchanged, compared to its average volume of 468,479. The stock has a market capitalization of $6.44 billion, a price-to-earnings ratio of 11.64 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.44. Pinnacle Financial Partners, Inc. has a one year low of $43.31 and a one year high of $92.33. The company has a fifty day simple moving average of $83.74 and a 200 day simple moving average of $77.47.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.01. The firm had revenue of $396.34 million during the quarter, compared to analyst estimates of $416.97 million. Pinnacle Financial Partners had a return on equity of 9.78% and a net margin of 20.17%. The business's quarterly revenue was down 1.4% on a year-over-year basis. During the same period last year, the company posted $1.76 EPS. Sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 6.82 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Friday, February 2nd were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend was Thursday, February 1st. Pinnacle Financial Partners's payout ratio is currently 12.26%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the firm's stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the sale, the chief financial officer now owns 63,856 shares in the company, valued at $5,250,240.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Harold R. Carpenter sold 6,306 shares of the business's stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the transaction, the chief financial officer now owns 63,856 shares in the company, valued at approximately $5,250,240.32. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO M Terry Turner sold 24,057 shares of the business's stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $1,977,966.54. Following the transaction, the chief executive officer now owns 294,790 shares in the company, valued at approximately $24,237,633.80. The disclosure for this sale can be found here. Insiders sold 54,175 shares of company stock valued at $4,487,253 over the last three months. Company insiders own 1.87% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PNFP. Barclays began coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They set an "equal weight" rating and a $93.00 price target on the stock. Truist Financial raised their target price on Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a "buy" rating in a report on Monday. Stephens reaffirmed an "overweight" rating and issued a $108.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 17th. Finally, UBS Group reduced their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a "neutral" rating on the stock in a report on Thursday, January 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.78.

About Pinnacle Financial Partners

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.