Jennison Associates LLC Sells 198,324 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Jennison Associates LLC trimmed its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 15.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,071,179 shares of the financial services provider’s stock after selling 198,324 shares during the quarter. Jennison Associates LLC owned approximately 1.40% of Pinnacle Financial Partners worth $93,428,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Wellington Management Group LLP boosted its holdings in shares of Pinnacle Financial Partners by 102.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock valued at $125,394,000 after buying an additional 947,704 shares during the last quarter. Earnest Partners LLC grew its position in shares of Pinnacle Financial Partners by 35.9% in the 3rd quarter. Earnest Partners LLC now owns 634,109 shares of the financial services provider’s stock valued at $42,511,000 after acquiring an additional 167,527 shares during the period. Peregrine Capital Management LLC increased its stake in shares of Pinnacle Financial Partners by 1,239.7% during the 3rd quarter. Peregrine Capital Management LLC now owns 158,900 shares of the financial services provider’s stock worth $10,653,000 after purchasing an additional 147,039 shares during the last quarter. North Reef Capital Management LP raised its holdings in shares of Pinnacle Financial Partners by 15.9% in the 3rd quarter. North Reef Capital Management LP now owns 910,108 shares of the financial services provider’s stock valued at $61,014,000 after purchasing an additional 124,573 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $8,033,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PNFP. Stephens reissued an “overweight” rating and set a $108.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 17th. Barclays started coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price target for the company. UBS Group decreased 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. Truist Financial raised their target price on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Finally, Jefferies Financial Group lowered their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $92.57.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Chairman Richard D. Callicutt II sold 11,030 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $906,886.60. Following the transaction, the chairman now owns 97,226 shares in the company, valued at approximately $7,993,921.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Pinnacle Financial Partners news, Chairman Richard D. Callicutt II sold 11,030 shares of the firm’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $906,886.60. Following the transaction, the chairman now directly owns 97,226 shares of the company’s stock, valued at $7,993,921.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO M Terry Turner sold 24,057 shares of the stock in a transaction dated Tuesday, March 12th. The shares were 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 approximately $24,237,633.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,844 shares of company stock worth $3,933,734. Insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $81.42 on Tuesday. The firm has a market cap of $6.28 billion, a P/E ratio of 11.34 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 12 month low of $43.31 and a 12 month high of $92.33. The company’s 50-day moving average price is $82.32 and its two-hundred day moving average price is $79.05. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.44.

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.