Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Purchased by Raymond James & Associates

Raymond James & Associates grew its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Get Rating) by 28.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 109,824 shares of the financial services provider’s stock after purchasing an additional 24,285 shares during the quarter. Raymond James & Associates owned approximately 0.14% of Pinnacle Financial Partners worth $8,061,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. BlackRock Inc. lifted 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. Vanguard Group Inc. boosted its position in shares of Pinnacle Financial Partners by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 6,821,914 shares of the financial services provider’s stock valued at $553,257,000 after acquiring an additional 19,631 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Pinnacle Financial Partners by 1.6% in the third quarter. Dimensional Fund Advisors LP now owns 1,509,857 shares of the financial services provider’s stock valued at $122,450,000 after purchasing an additional 24,092 shares during the period. Invesco Ltd. increased its position in Pinnacle Financial Partners by 4.2% during the first quarter. Invesco Ltd. now owns 1,502,944 shares of the financial services provider’s stock worth $138,391,000 after purchasing an additional 60,753 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in Pinnacle Financial Partners by 17.4% during the third quarter. Alliancebernstein L.P. now owns 982,744 shares of the financial services provider’s stock worth $79,701,000 after purchasing an additional 145,302 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Analyst Upgrades and Downgrades

PNFP has been the subject of several analyst reports. StockNews.com started coverage on shares of Pinnacle Financial Partners in a research note on Thursday. They issued a “sell” rating for the company. Wells Fargo & Company cut their target price on Pinnacle Financial Partners from $95.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, April 5th. Keefe, Bruyette & Woods reduced their target price on Pinnacle Financial Partners from $90.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday, April 6th. Truist Financial lowered their price target on Pinnacle Financial Partners from $85.00 to $64.00 and set a “buy” rating for the company in a report on Thursday, March 23rd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Pinnacle Financial Partners from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, April 19th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus price target of $77.88.

Insider Transactions at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 24,168 shares of Pinnacle Financial Partners stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $73.38, for a total value of $1,773,447.84. Following the completion of the transaction, the chairman now directly owns 302,071 shares in the company, valued at $22,165,969.98. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 2.15% of the company’s stock.

Pinnacle Financial Partners Price Performance

PNFP opened at $49.29 on Friday. The stock’s 50-day moving average price is $52.64 and its 200 day moving average price is $68.36. Pinnacle Financial Partners, Inc. has a 12-month low of $43.31 and a 12-month high of $89.00. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of 6.76 and a beta of 1.09. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47.

Pinnacle Financial Partners (NASDAQ:PNFP – Get Rating) last issued its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.02. The business had revenue of $401.76 million for the quarter, compared to analysts’ expectations of $418.58 million. Pinnacle Financial Partners had a net margin of 28.11% and a return on equity of 10.85%. The business’s quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.65 earnings per share. As a group, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 6.55 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 26th. Shareholders of record on Friday, May 5th will be paid a $0.22 dividend. The ex-dividend date is Thursday, May 4th. This represents a $0.88 annualized dividend and a dividend yield of 1.79%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.07%.

Pinnacle Financial Partners Company Profile

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Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.