Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 726,708 shares of the financial services provider’s stock after selling 16,315 shares during the period. JPMorgan Chase & Co.’s holdings in Pinnacle Financial Partners were worth $71,196,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings in shares of Pinnacle Financial Partners by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider’s stock valued at $247,673,000 after acquiring an additional 292,401 shares during the last quarter. FMR LLC lifted its position in shares of Pinnacle Financial Partners by 11.6% during the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after buying an additional 282,016 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Pinnacle Financial Partners by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after buying an additional 8,604 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Pinnacle Financial Partners by 20.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock valued at $99,443,000 after buying an additional 172,750 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after acquiring an additional 208,938 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 20,000 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $126.02, for a total value of $2,520,400.00. Following the sale, the director now owns 92,565 shares of the company’s stock, valued at $11,665,041.30. This represents a 17.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,661 shares of company stock valued at $9,563,127 in the last ninety days. Corporate insiders own 1.87% of the company’s stock.

Analyst Ratings Changes

PNFP has been the subject of several research reports. Stephens boosted their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. UBS Group began coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target for the company. Truist Financial lifted their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Finally, Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research note on Monday, November 18th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus price target of $119.73.

Pinnacle Financial Partners Stock Up 1.7 %

Pinnacle Financial Partners stock opened at $115.42 on Friday. The stock’s 50 day moving average price is $118.38 and its 200 day moving average price is $101.13. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a market cap of $8.92 billion, a PE ratio of 21.94 and a beta of 1.08. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The business had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same period in the prior year, the company posted $1.79 EPS. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.76%. The ex-dividend date of this dividend was Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.73%.

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.