Charles Schwab Investment Management Inc. Reduces Position in Pinnacle Financial Partners, Inc. $PNFP

Charles Schwab Investment Management Inc. trimmed its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 866,656 shares of the financial services provider’s stock after selling 20,366 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.12% of Pinnacle Financial Partners worth $95,687,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Wellington Management Group LLP grew its position in Pinnacle Financial Partners by 5.9% in the 1st quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider’s stock valued at $168,873,000 after acquiring an additional 88,282 shares during the last quarter. Fenimore Asset Management Inc boosted its stake in shares of Pinnacle Financial Partners by 2.2% during the second quarter. Fenimore Asset Management Inc now owns 1,076,968 shares of the financial services provider’s stock valued at $118,908,000 after purchasing an additional 23,552 shares during the period. Azora Capital LP grew its holdings in shares of Pinnacle Financial Partners by 9.2% in the first quarter. Azora Capital LP now owns 998,474 shares of the financial services provider’s stock worth $105,878,000 after purchasing an additional 84,538 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Pinnacle Financial Partners by 2.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 978,564 shares of the financial services provider’s stock worth $103,767,000 after buying an additional 18,807 shares during the period. Finally, Millennium Management LLC bought a new stake in Pinnacle Financial Partners during the 1st quarter valued at about $77,207,000. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Trading Down 0.1%

PNFP opened at $91.86 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33. The firm has a market cap of $7.13 billion, a price-to-earnings ratio of 11.67 and a beta of 1.12. Pinnacle Financial Partners, Inc. has a 12 month low of $81.57 and a 12 month high of $128.89. The stock has a fifty day moving average price of $89.43 and a 200-day moving average price of $98.35.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.The company had revenue of $544.80 million for the quarter, compared to the consensus estimate of $526.40 million. During the same quarter last year, the company earned $1.86 earnings per share. As a group, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 7th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, November 7th. Pinnacle Financial Partners’s payout ratio is 12.20%.

Insider Activity at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 6,775 shares of the company’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $93.00, for a total transaction of $630,075.00. Following the transaction, the chairman directly owned 202,505 shares of the company’s stock, valued at approximately $18,832,965. This represents a 3.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director G Kennedy Thompson acquired 5,000 shares of the stock in a transaction dated Monday, October 20th. The stock was acquired at an average cost of $87.63 per share, with a total value of $438,150.00. Following the transaction, the director directly owned 33,372 shares in the company, valued at approximately $2,924,388.36. This represents a 17.62% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 1.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PNFP shares. Keefe, Bruyette & Woods dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 13th. Stephens reduced their price objective on Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. Truist Financial decreased their target price on Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, October 17th. UBS Group dropped their price target on Pinnacle Financial Partners from $104.00 to $95.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Finally, Barclays raised their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, November 11th. Six analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $109.55.

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.