Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock Position Reduced by Truist Financial Corp

Truist Financial Corp reduced its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 4.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 246,010 shares of the financial services provider's stock after selling 11,702 shares during the quarter. Truist Financial Corp owned approximately 0.32% of Pinnacle Financial Partners worth $21,457,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. Raymond James & Associates raised its stake in Pinnacle Financial Partners by 6.1% during the 3rd quarter. Raymond James & Associates now owns 185,911 shares of the financial services provider's stock worth $12,463,000 after acquiring an additional 10,755 shares in the last quarter. Simon Quick Advisors LLC increased its position in shares of Pinnacle Financial Partners by 225.8% during the third quarter. Simon Quick Advisors LLC now owns 29,543 shares of the financial services provider's stock worth $1,981,000 after purchasing an additional 20,475 shares in the last quarter. Sippican Capital Advisors increased its position in shares of Pinnacle Financial Partners by 13.9% during the third quarter. Sippican Capital Advisors now owns 7,570 shares of the financial services provider's stock worth $507,000 after purchasing an additional 925 shares in the last quarter. Stratos Wealth Partners LTD. lifted its holdings in shares of Pinnacle Financial Partners by 4.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 9,744 shares of the financial services provider's stock valued at $653,000 after purchasing an additional 401 shares during the last quarter. Finally, Jackson Square Capital LLC acquired a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $566,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Insider Transactions at Pinnacle Financial Partners

In related news, CEO M Terry Turner sold 72,000 shares of the company's stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the transaction, the chief executive officer now owns 222,790 shares of the company's stock, valued at $18,039,306.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO M Terry Turner sold 72,000 shares of the firm's stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $80.97, for a total value of $5,829,840.00. Following the completion of the sale, the chief executive officer now owns 222,790 shares in the company, valued at $18,039,306.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company's stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the transaction, the chairman now owns 153,062 shares in the company, valued at $12,404,144.48. The disclosure for this sale can be found here. In the last three months, insiders sold 235,093 shares of company stock valued at $19,103,353. Corporate insiders own 1.87% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on PNFP shares. JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $110.00 to $108.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 24th. Stephens reiterated an "overweight" rating and set a $109.00 price target on shares of Pinnacle Financial Partners in a research note on Tuesday, April 23rd. Truist Financial lowered their price objective on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a "buy" rating on the stock in a research report on Thursday, April 25th. Jefferies Financial Group reduced their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a "hold" rating for the company in a report on Monday, April 8th. Finally, UBS Group lowered their price target 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 five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $95.50.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock traded down $2.66 on Tuesday, reaching $76.70. 619,050 shares of the stock were exchanged, compared to its average volume of 468,621. The firm has a market capitalization of $5.91 billion, a PE ratio of 10.97 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 1-year low of $43.31 and a 1-year high of $92.33. The business has a fifty day moving average price of $81.96 and a two-hundred day moving average price of $79.61. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.15%. The ex-dividend date is Thursday, May 2nd. Pinnacle Financial Partners's payout ratio is 12.59%.

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.