Cerity Partners LLC Makes New Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Cerity Partners LLC bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 3,314 shares of the financial services provider’s stock, valued at approximately $289,000.

Other hedge funds also recently modified their holdings of the company. Emerald Advisers LLC bought a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $27,000. Fifth Third Bancorp boosted its stake in shares of Pinnacle Financial Partners by 101.4% in the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 213 shares during the last quarter. Bruce G. Allen Investments LLC bought a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at about $32,000. Nomura Asset Management Co. Ltd. raised its position in shares of Pinnacle Financial Partners by 57.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 200 shares during the period. Finally, Venturi Wealth Management LLC raised its position in shares of Pinnacle Financial Partners by 17.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,000 shares of the financial services provider’s stock valued at $134,000 after acquiring an additional 300 shares during the period. Institutional investors own 87.40% of the company’s stock.

Insider Transactions at Pinnacle Financial Partners

In other news, CEO M Terry Turner sold 24,057 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the completion of the sale, the chief executive officer now owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO M Terry Turner sold 24,057 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the completion of the sale, the chief executive officer now owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard D. Callicutt II sold 11,030 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $906,886.60. Following the sale, the chairman now directly owns 97,226 shares of the company’s stock, valued at approximately $7,993,921.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,844 shares of company stock valued at $3,933,734. 1.87% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Price Performance

NASDAQ:PNFP opened at $80.29 on Friday. Pinnacle Financial Partners, Inc. has a 1-year low of $43.31 and a 1-year high of $92.33. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm has a fifty day simple moving average of $82.20 and a 200 day simple moving average of $79.37. The stock has a market capitalization of $6.19 billion, a PE ratio of 11.49 and a beta of 1.08.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.10%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.59%.

Analyst Ratings Changes

Several analysts have commented on the stock. JPMorgan Chase & Co. dropped their target price on shares of Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating on the stock in a report on Wednesday. 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 report on Thursday. UBS Group lowered their price objective on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, January 18th. Hovde Group lowered their price objective on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a report on Tuesday, April 23rd. Finally, Stephens reiterated an “overweight” rating and issued a $109.00 price objective on shares of Pinnacle Financial Partners in a report on Tuesday, April 23rd. One equities 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $95.50.

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.