KBC Group NV Has $3.06 Million Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

KBC Group NV grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1,054.3% in the 4th quarter, Holdings Channel reports. The fund owned 26,722 shares of the financial services provider’s stock after purchasing an additional 24,407 shares during the quarter. KBC Group NV’s holdings in Pinnacle Financial Partners were worth $3,057,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Blue Trust Inc. increased its stake in Pinnacle Financial Partners by 20.6% during the 4th quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider’s stock worth $181,000 after purchasing an additional 271 shares in the last quarter. Tennessee Valley Asset Management Partners bought a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth $209,000. Kraft Asset Management LLC bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at $243,000. Barlow Wealth Partners Inc. lifted its position in Pinnacle Financial Partners by 17.5% in the 4th quarter. Barlow Wealth Partners Inc. now owns 176,870 shares of the financial services provider’s stock valued at $21,217,000 after acquiring an additional 26,311 shares in the last quarter. Finally, Sheets Smith Wealth Management boosted its stake in Pinnacle Financial Partners by 3.1% in the 4th quarter. Sheets Smith Wealth Management now owns 5,669 shares of the financial services provider’s stock worth $648,000 after purchasing an additional 171 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Transactions at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the sale, the chairman now directly owns 123,000 shares in the company, valued at $15,263,070. The trade was a 28.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at approximately $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on PNFP. Truist Financial boosted 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. Stephens reaffirmed an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Citigroup lifted their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. JPMorgan Chase & Co. reduced their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, Wells Fargo & Company raised their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research report on Thursday, January 23rd. Six research 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 presently has a consensus rating of “Hold” and an average price target of $125.18.

Pinnacle Financial Partners Stock Down 0.9 %

Shares of PNFP stock opened at $124.77 on Friday. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $9.64 billion, a price-to-earnings ratio of 20.86 and a beta of 1.09. The firm’s 50-day moving average is $119.48 and its 200-day moving average is $106.78.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business’s revenue was up 19.9% on a year-over-year basis. During the same period last year, the firm posted $1.68 earnings per share. Sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.79 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be given a $0.24 dividend. The ex-dividend date is Friday, February 7th. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 0.77%. Pinnacle Financial Partners’s dividend payout ratio is presently 14.72%.

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.