Ballentine Partners LLC Invests $228,000 in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Ballentine Partners LLC purchased a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,997 shares of the financial services provider’s stock, valued at approximately $228,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNFP. Victory Capital Management Inc. increased its stake in shares of Pinnacle Financial Partners by 17.9% during the third quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock worth $18,282,000 after purchasing an additional 28,327 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Pinnacle Financial Partners during the 3rd quarter worth approximately $3,606,000. Geode Capital Management LLC lifted its position in shares of Pinnacle Financial Partners by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after acquiring an additional 8,604 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Pinnacle Financial Partners by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock worth $90,141,000 after acquiring an additional 9,856 shares during the last quarter. Finally, Artemis Investment Management LLP increased its position in shares of Pinnacle Financial Partners by 2.6% during the fourth quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider’s stock worth $55,213,000 after purchasing an additional 12,455 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.8 %

Shares of PNFP opened at $123.28 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The firm has a market cap of $9.52 billion, a P/E ratio of 20.62 and a beta of 1.09. The company’s 50-day moving average price is $119.31 and its 200 day moving average price is $105.53. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.34 million for the quarter, compared to analyst estimates of $470,334.57 billion. During the same period in the prior year, the business posted $1.68 EPS. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.56 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.78%. Pinnacle Financial Partners’s payout ratio is presently 16.05%.

Wall Street Analysts Forecast Growth

PNFP has been the topic of several recent research reports. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Citigroup upped their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. JPMorgan Chase & Co. lowered their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Truist Financial increased their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $125.18.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the sale, the chairman now directly owns 123,000 shares of the company’s stock, valued at $15,263,070. This represents a 28.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David B. Ingram sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the completion of the transaction, the director now directly owns 92,565 shares of the company’s stock, valued at $11,665,041.30. This represents a 17.77 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is currently owned by company insiders.

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.