Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stake Boosted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 31.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 238,626 shares of the financial services provider’s stock after purchasing an additional 57,187 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.31% of Pinnacle Financial Partners worth $20,813,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in Pinnacle Financial Partners by 4.1% in the 1st quarter. BlackRock Inc. now owns 7,404,875 shares of the financial services provider’s stock worth $408,453,000 after buying an additional 289,963 shares in the last quarter. Vanguard Group Inc. grew its holdings in Pinnacle Financial Partners by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,821,914 shares of the financial services provider’s stock worth $553,257,000 after buying an additional 19,631 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in Pinnacle Financial Partners by 1.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,904,785 shares of the financial services provider’s stock worth $286,612,000 after buying an additional 66,069 shares in the last quarter. State Street Corp grew its holdings in Pinnacle Financial Partners by 3.0% in the 2nd quarter. State Street Corp now owns 3,576,609 shares of the financial services provider’s stock worth $202,615,000 after buying an additional 105,029 shares in the last quarter. Finally, FMR LLC grew its holdings in Pinnacle Financial Partners by 3.4% in the 3rd quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock worth $139,721,000 after buying an additional 69,197 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Insider Activity

In other news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO M Terry Turner sold 24,057 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $1,977,966.54. Following the completion of the sale, the chief executive officer now owns 294,790 shares in the company, valued at $24,237,633.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the sale, the chief financial officer now owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,175 shares of company stock worth $4,487,253. Insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $79.95 on Friday. Pinnacle Financial Partners, Inc. has a one year low of $43.31 and a one year high of $92.33. The stock has a fifty day moving average of $82.56 and a 200-day moving average of $78.28. The company has a market capitalization of $6.16 billion, a PE ratio of 11.14 and a beta of 1.08. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.01. Pinnacle Financial Partners had a return on equity of 9.78% and a net margin of 20.17%. The company had revenue of $396.34 million during the quarter, compared to the consensus estimate of $416.97 million. During the same quarter in the prior year, the firm earned $1.76 EPS. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. As a group, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Friday, February 2nd were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.10%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.26%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on PNFP shares. UBS Group decreased their price objective on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, January 18th. Stephens reissued an “overweight” rating and issued a $108.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 17th. Barclays began coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 target price for the company. Truist Financial upped their target price on Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Finally, Jefferies Financial Group cut their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus price target of $92.57.

Pinnacle Financial Partners Company 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.