Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Bought by Intrust Bank NA

Intrust Bank NA lifted its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 22.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,228 shares of the financial services provider’s stock after acquiring an additional 1,848 shares during the quarter. Intrust Bank NA’s holdings in Pinnacle Financial Partners were worth $892,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Choreo LLC acquired a new position in Pinnacle Financial Partners during the fourth quarter worth about $560,000. Russell Investments Group Ltd. raised its position in Pinnacle Financial Partners by 16.0% during the fourth quarter. Russell Investments Group Ltd. now owns 104,490 shares of the financial services provider’s stock worth $9,114,000 after acquiring an additional 14,381 shares during the last quarter. AM Investment Strategies LLC increased its stake in shares of Pinnacle Financial Partners by 5.8% during the 4th quarter. AM Investment Strategies LLC now owns 11,290 shares of the financial services provider’s stock worth $985,000 after purchasing an additional 618 shares in the last quarter. GAMMA Investing LLC acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $95,000. Finally, New York State Common Retirement Fund grew its holdings in Pinnacle Financial Partners by 1.2% during the 4th quarter. New York State Common Retirement Fund now owns 595,168 shares of the financial services provider’s stock valued at $51,911,000 after buying an additional 7,178 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Transactions at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the sale, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the transaction, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard D. Callicutt II sold 11,030 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 value of $906,886.60. Following the completion of the transaction, the chairman now directly owns 97,226 shares of the company’s stock, valued at approximately $7,993,921.72. The disclosure for this sale can be found here. Insiders sold 235,093 shares of company stock valued at $19,103,353 over the last quarter. Company insiders own 1.87% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on PNFP. Hovde Group dropped their price target on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research report on Tuesday, April 23rd. Stephens reissued an “overweight” rating and set a $109.00 price target on shares of Pinnacle Financial Partners in a research report on Tuesday, April 23rd. UBS Group dropped their price target on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, January 18th. Truist Financial dropped their price target on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Finally, Jefferies Financial Group lowered their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average target price of $95.50.

Pinnacle Financial Partners Trading Down 0.9 %

Pinnacle Financial Partners stock traded down $0.75 during midday trading on Tuesday, reaching $78.61. The stock had a trading volume of 45,165 shares, compared to its average volume of 461,590. Pinnacle Financial Partners, Inc. has a twelve month low of $43.31 and a twelve month high of $92.33. The stock has a market capitalization of $6.06 billion, a PE ratio of 11.35 and a beta of 1.08. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s 50-day simple moving average is $82.11 and its 200 day simple moving average is $79.53.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is 12.59%.

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.